May 24, 2017 – Bob Horvath and Todd Tremblay of Horvath & Tremblay, have successfully completed the sale of the ground lease to Hilton Garden Inn in Plymouth, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer to close the property at a sale price of $4,400,000.
The Hilton Garden Inn is a five story, one hundred thirty (130) room hotel located on Home Depot Drive, just off of Long Pond Road in Plymouth, MA. Hilton Garden Inn signed the original 99-year ground lease in May 2005 with rare annual rental escalations of three percent (3%). The property is located on a 1.735 acre parcel at the entrance to the Home Depot Plaza, a regional retail shopping center with tenants including: Home Depot, West Marine, Ethan Allen, Ninety Nine Restaurant, Town Fair Tire, AT&T, Pilgrim Wine & Spirits, UPS, and AAA. Positioned adjacent to the property is a retail center tenanted by Sleepy’s, Message Envy, Hot Locks Salon and New Tokyo Japanese Restaurant. In addition, Shell Gas and Dunkin’ Donuts are located at the entrance to Home Depot Drive. Located across the street is The Grove at Plymouth Shopping Center, a 425,000-square foot regional shopping center anchored by BJ’s Wholesale Club and Kohl’s. Additional retailers in the center include: TJ Maxx, HomeGoods, The Sports Authority, PetSmart, Off Broadway Shoes, Party City, Jo-Ann Fabrics, Panera Bread, IHOP, Texas Roadhouse, and Subway. The property is located at Exit 5 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 are in excess of 55,204 vehicles per day and 22,300 vehicles per day along Long Pond Road. Plymouth is a quintessential New England destination, nestled conveniently between Boston and Cape Cod and is one of the fastest growing communities in Massachusetts.
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.