News: Front Section
Posted: October 12, 2018
Horvath & Tremblay sells two retail properties for $9.4 million
Plymouth, MA Horvath & Tremblay has completed the sale of two northeast retail properties totaling $9.435 million. The properties include, Pilgrim Hill Marketplace and a free-standing Taco Bell in Milford, Conn.
Bob Horvath and Todd Tremblay represented the seller and procured the buyer of Pilgrim Hill Marketplace to close the transaction at a sale price of $7.95 million. Pilgrim Hill Marketplace is a 19,619 s/f retail center anchored by CVS. CVS and The Pizza Factory are original tenants and have been in occupancy for over 20 years. Both tenants executed five-year lease extensions, demonstrating their commitment to the location. This is a well-established store for CVS with consistently strong sales performance. The third tenant, Mutual Bank of Plymouth has been at the property for over ten years and also recently executed a five-year extension. Additional retailers in the area include Stop & Shop Supermarket, Shaw’s Supermarket, Walgreens, Staples, Sullivan Tire, Advance Auto Parts, Valvoline Instant Oil Change, Starbucks, Bank of America Financial Center, Dunkin Donuts, McDonald’s, Burger King, Comfort Inn and several car dealerships.
Horvath, Tremblay and Matthew Nadler procured the buyer of a free-standing Taco Bell restaurant in Milford, closing at a sale price of $1.485 million, a 5.5% cap rate. Taco Bell has over 13 years remaining on the base term of the lease with four, 5-year renewal options. The lease calls for rare 2% annual rental escalations throughout the lease term. The property is located along Boston Post Rd., a main commercial retail corridor. Taco Bell is situated just northeast of Milford Crossing, a Walmart anchored shopping center and the Connecticut Post Mall. Additional retailers drawing consumers to the area include: Old Navy, Bed Bath & Beyond, Chipotle Mexican Grill, Sonic, McDonald’s, Big Lots, Michael’s, Petco, Home Goods, and Staples.
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