September 23, 2016 – Bob Horvath and Todd Tremblay of Horvath & Tremblay, have successfully completed the sale of a free standing Citizens Bank located in Dorchester, Massachusetts. Bob and Todd exclusively represented the seller and procured the buyer to close the property at a sale price of $1,220,000, a 5.9% cap rate.
Citizens Bank fully occupies the 4,721-square foot property located along Washington Street, a main commuter thoroughfare traveling through the neighborhood of Dorchester. The property is positioned at the busy intersection of Washington Street and Aspinwall Road with high visibility and direct street frontage. This is a proven bank branch location with a 20+ year operating history. Citizens Bank has shown commitment to this location by signing a five year lease extension which includes (2) additional five year options with annual rental escalations throughout the remaining term of the lease. Also included in the sale was a separate 20 car on-site parking lot. The property benefits from its dense urban infill location encompassed by a population base of over 63,000 within a one mile radius and 281,000 within a three mile radius. National and regional tenants in the area include: Walgreens, McDonald’s, H&R Block, Subway, KFC, Cricket Wireless, US Post Office, MetroPCS, and Bank of America.
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.