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News: Front Section
Posted: December 6, 2019
Horvath & Tremblay sells three retail properties for $12 million - including a CVS, retail condominium and a Taco Bell
Bellingham, MA Horvath & Tremblay completed the sale of three retail properties in the Northeast for $12.055 million. The properties include CVS in Bellingham, a retail condominium in Boston, and a Taco Bell in Portland, ME.
Todd Tremblay, Bob Horvath, Aaron Huntley and Matthew Nadler completed the sale of CVS. Horvath & Tremblay exclusively represented the seller and procured the 1031 exchange buyer to close the property at a sale price of $8.35 million. CVS operates under a 20-year double net lease with five, 5-year option periods. Rental escalations are scheduled throughout the base term of the lease and throughout the option periods. The property is located at a signalized, highly trafficked intersection along Pulaski Blvd. with nearby national tenants including: Stop & Shop, Dollar Tree, Dunkin’ Donuts, Cumberland Farms, Ace Hardware, Advance Auto Parts, and Honey Dew Donuts.
The Boston retail condominium, located at 185 Devonshire St., closed at a sale price of $1.88 million. Horvath and Tremblay represented the seller. 185 Devonshire is an office building with street-level retail that was renovated and converted into office and retail condominiums in 2007. Retail unit 100 is located on Devonshire St., adjacent to the building’s “front door” and lobby entrance. The retail condominium consists of 3,293 s/f that is subdivided into two storefronts, each with its own direct street access. The two retail units are currently tenanted by Weight Watchers and D’Guru Restaurant/Guru the Caterer.
Nadler represented the seller of Taco Bell, closing the transaction at a sale price of $1.825 million, a 5.04% cap rate. Taco Bell operates under a 20-year triple net lease with four, 5-year renewal options. The Taco Bell is located on the main thoroughfare through the retail trade area. In addition to attracting trade area shoppers, the location benefits from its position in front of the Northport Business Park, anchored by LL Bean’s Call Center and Martin’s Point HealthCare.
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