July 15, 2016 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully brokered the sale of a free standing Walgreens located in Plymouth, MA. Horvath & Tremblay exclusively represented the seller in the sale and closed the property for a sale price of $7,443,478, a cap rate of 5.75%.
Walgreens benefits from its prominent location and high visibility at the signalized intersection of Pilgrim Hill Road and Samoset Street in Plymouth, MA. The 13,335-square foot property is fully leased by Walgreens who currently has 14-years remaining on the base term of the triple net (NNN) lease with (50) one year options. The property is easily accessible via Exit 6 off of the heavily travelled Route 3 corridor – a major commuter route to Boston and the primary artery which vacationers travel to and from Cape Cod. Traffic counts along Route 3 near exit 6 are in excess of 70,400 vehicles per day and over 36,000 vehicles per day along Samoset Street. Located across the street from Walgreens is Pilgrim Hill Market Place, a CVS-anchored retail center, Shaw’s Supermarket and Pilgrim Hill Plaza, a 117,000-square foot shopping center occupied by Savers, Work Out World, Grossman’s Bargain Outlet, Advance Auto Parts, and Best Tile. Additional national tenants along this retail corridor include: Sullivan Tire, Rockland Trust, Cumberland Farms, Comfort Inn, Dunkin’ Donuts, McDonald’s, Valvoline, and Burger King. Plymouth has emerged as a major economic and tourist center of Massachusetts. The area south of Boston and Plymouth in particular has experienced strong growth in recent years and the region is expected to grow faster in population and in jobs than any other section of Greater Boston fueled by the expansion of Boston’s commuter rail service to the South Shore, recent improvements in highway access to the west and the availability of developable land.
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.