News: Retail
Posted: December 22, 2011
Horvath, Tremblay, Miller of Marcus & Millichap sell 64,800 s/f building leased to Staples for $2.075 million
Bob Horvath, Todd Tremblay and Harvey Miller of Marcus & Millichap Real Estate Investment Services brokered the sale of a 64,800 s/f industrial building net leased to Staples at 100 Highland Dr. Staples has been in this location for years and recently exercised its first (3) year option. The sale price of $2.075 million represents $32 per s/f. Horvath, Tremblay and Miller represented both the seller and buyer, FT NO 7 LLC & Equity Industrial Partners.
Horvath and Todd also brokered the sale of a 7,316 s/f CVS located in Woburn, Mass. The property, located at 415 - 421 Main St., had three years remaining on the base term with one five-year option to renew with a 12% rental increase. The sale price of $2.03 million represents $277 per s/f and a cap rate of 10.09%.
Tremblay and Horvath represented the seller, Weston Atlantic Associates, LP.
Tremblay said, "We had numerous offers during the marketing process, the winning group was an exchange buyer located in Hawaii."
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