Horvath & Tremblay broker $6.2 million sale of Rite Aid and Marlborough Savings Bank
Rite Aid and Marlborough Savings Bank - Hudson, MAHudson, MA Bob Horvath and Todd Tremblay of Horvath & Tremblay have brokered the sale of a newly constructed Rite Aid and Marlborough Savings Bank. Horvath & Tremblay exclusively represented the seller to close the property at a sale price of $6,232,142, a cap rate of 5.6%.
Situated on a 1.96 acre parcel, Rite Aid and Marlborough Bank are well positioned at a highly visible location with direct street frontage along Main St. in downtown. The newly constructed properties were developed on the last remaining parcel of any size available for development in downtown. Rite Aid and Marlborough Savings Bank signed new 20-year and 12-year, ground leases respectively with each lease structured with (6) five year options and scheduled rental escalations. Rite Aid committed to this location relocating out of another building about one mile away. Located 2 miles west of the property is Shops at Highland Commons; totaling nearly one million s/f. Shops at Highland Commons is one of the largest open-air shopping centers in central Mass., drawing shoppers directly from the Cambridge-Newton-Framingham metropolitan area. Tenants include Massachusetts’ first Cabela’s, Market Basket, TJ Maxx, Lowe’s, Bed Bath & Beyond, Michael’s, and BJ’s Wholesale Club. Located only 28 miles from Boston, the town offers the beauty of a semi-rural New England town as well as the convenience of a metropolitan suburb.
Horvath & Tremblay is one of the most active and successful investment real estate brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.