Horvath & Tremblay
News: Retail
Posted: June 23, 2017
Horvath & Tremblay sells Hilton Garden Inn and Sleepy’s Retail Center for $9.2 million in Plymouth
Plymouth, MA Bob Horvath and Todd Tremblay of Horvath & Tremblay have completed the sale of the ground lease to Hilton Garden Inn and the fee simple interest in Sleepy’s Retail Center. Horvath & Tremblay exclusively represented the seller and procured the buyer to close the properties at sale prices of $4.4 million and $4.8 million respectively.
The Hilton Garden Inn is a 5-story, 130-room hotel located on Home Depot Dr., off of Long Pond Rd. Hilton Garden Inn signed the original 99-year ground lease in May, 2005 with rare annual rental escalations of 3%. The property is located on a 1.735 acre parcel at the entrance to the Home Depot Plaza, a regional retail shopping center with tenants including: Home Depot, West Marine, Ethan Allen, Ninety Nine Restaurant, Town Fair Tire, AT&T, Pilgrim Wine & Spirits, UPS, and AAA.
Horvath & Tremblay
Horvath & Tremblay
Positioned adjacent to the property is the Sleepy’s anchored retail center tenanted by Sleepy’s, Massage Envy, Hot Locks Salon and New Tokyo Japanese Restaurant. In addition, Shell Gas and Dunkin’ Donuts are located at the entrance to Home Depot Dr. Located across the street is The Grove at Plymouth Shopping Center, a 425,000 s/f regional shopping center anchored by BJ’s Wholesale Club and Kohl’s. Additional retailers in the center include: TJ Maxx, HomeGoods, The Sports Authority, PetSmart, Off Broadway Shoes, Party City, Jo-Ann Fabrics, Panera Bread, IHOP, Texas Roadhouse, and Subway.
Horvath & Tremblay’s advisors specialize in the sale of single tenant net-lease assets and retail shopping centers.
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