News: Front Section
Posted: February 21, 2020
Horvath & Tremblay sells five retail properties in New England for $13.34 million - including the $5.3m sale of Aubuchon/Beverly Bank
Beverly, MA Horvath & Tremblay has started out 2020 with the sale of 5 retail properties in New England for a total amount of $13,349,893. The properties include: Aubuchon Hardware and Beverly Bank; Elm Street Shops in Pittsfield, Mass.; KFC/Taco Bell in Worcester, Mass.; Dunkin’ Donuts in Torrington, Conn.; and Family Dollar in Cranston, R.I.
Bob Horvath and Todd Tremblay completed the sale of Aubuchon Hardware and Beverly Bank. The property closed at a sale price of $5.3 million. Horvath & Tremblay exclusively represented the seller and procured the buyer of the property. Located along Enon St. (Rte. 1A), the property was constructed in 1995, has been well-maintained and is 100% leased. The neighborhood plaza contains 15,600 s/f, a 900 s/f canopied drive-thru lane on a 2.01 acre lot that includes parking and a dedicated drive-thru lane serving Beverly Bank.
Aaron Huntley, along with Horvath and Tremblay exclusively represented the seller and procured the buyer of Elm Street Shops, which closed at a sale price of $2.95 million. The property is anchored by Rite Aid/Walgreens that has been at the property since its construction in 1983. The Elm Street Shops contains 17,721 s/f on a 1.8 acre parcel.
The sale of KFC/Taco Bell closed at a sale price of $1.913 million, a 5.75% cap rate. Kyle Danielson represented the seller while Dan Bernardini procured the buyer. The tenant recently demonstrated their long-term commitment to the location with a new 20-year lease term that expires in August 2039 with four, five-year options.
Matthew Nadler handled the sale of a free-standing Dunkin’ Donuts. Nadler exclusively represented the seller and procured the buyer of the property that closed at a sale price of $1.68 million, a 5.36% cap rate. The recently constructed property is located along East Main. The triple net lease has over 14 years of term remaining plus five, 5-year renewal options.
Family Dollar closed at a sale price of $1.506 million. Horvath and Tremblay represented the seller and Luke Thomson procured the buyer. The property was the home of a competing dollar store before being renovated and expanded in 2018/2019. The Family Dollar lease commenced in June 2019 and has 9+ years remaining on the initial term plus six, five-year renewal options.
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