July 15, 2016 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully brokered the sale of a newly developed O’Reilly Auto Parts and Dollar Tree retail center in Fall River, Massachusetts. Horvath & Tremblay exclusively represented the seller in the sale and closed the property over list price for $5,210,000, a cap rate of 6.15%.
Situated on a 1.63-acre parcel along Rhode Island Avenue, O’Reilly Auto Parts and Dollar Tree occupy a newly constructed built-to-suite 19,788-square foot freestanding building. O’Reilly Auto Parts signed a new 20-year lease with (4) five year options and Dollar Tree signed a new 10-year lease with (2) five year options. Both leases also include scheduled rental escalations. This is a proven Dollar Tree location as they have relocated to this site from an existing retail center located down the street. Adding value to the property is the ability to add a bank ATM pad through future development. O’Reilly Auto Parts and Dollar Tree is well positioned at a highly visible location with direct street frontage along Rhode Island Avenue and is easily accessible off of Route 24. Fall River is in the midst of reinventing its downtown area with the development of the South Coast Plaza and Market Basket, which are slated to replace the New Harbour Mall, with an anticipated opening in June 2017. The town has also inked a deal to secure the development of a new 1.2-million-square foot Amazon fulfillment facility with expectations of offering over 1,000+ jobs.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Recently recognized by Globe Street and Real Estate Forum as one of the “Top 20 Retail Sales Brokers” in the Industry, 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.