News: Front Section
Posted: June 23, 2023
Horvath & Tremblay handles sale of Walgreens for $4.56 million
Shrewsbury, MA Bob Horvath and Todd Tremblay of Horvath & Tremblay have completed the sale of Walgreens (leasehold interest). Horvath & Tremblay exclusively represented the seller and procured the buyer to complete this transaction at a sale price of $4.56 million.
Walgreens is located at 225 Boston Tpke. Walgreens has been at the property since its construction in 2005, and recently extended their primary lease term demonstrating their commitment to the site and the market. Walgreens has more than 13 years remaining on an absolute triple-net lease with nine, five-year renewal options.
The Walgreens lease runs coterminous with the ground lease and is structured so Walgreens pays both their primary leasehold rent and the associated ground rent direct to the respective landlords.
The property is situated on a visible corner parcel at the signalized intersection of Harrington Ave. and Boston Tpke.(MA Rte. 9), the area’s primary commercial corridor. Walgreens benefits from outstanding visibility and frontage with two points of access and is located within 0.5-miles of three area grocery stores and 1.3-miles from the UMass Memorial Medical Center (hospital). The property is extremely well located in the heavily trafficked southwest side of the city and is less than two miles from I-290 and three miles from downtown and Worcester’s Central Business District.
Tags:
Front Section
MORE FROM Front Section
Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
Quick Hits
Columns and Thought Leadership
Four tips for a smooth 1031 Exchange - by Bill Lopriore
Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.
How COVID-19 has impacted office leasing - by Noble Allen and John Sokul
To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.
Make PR pop by highlighting unique angles - by Stanley Hurwitz
Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.
Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid: