July 21, 2016 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully brokered the sale of a free standing Walgreens located in Allston, MA. Horvath & Tremblay exclusively represented the seller and procured the buyer in the sale and closed the property for a sale price of $13,500,000, a cap rate of 5.0%.
Located in the heart of downtown Allston, Walgreens occupies a 14,875-square foot building and has over 18 years remaining on the triple net (NNN) lease with (50) one year options. The property benefits from its prominent location and high visibility at the signalized intersection of Cambridge Street and Brighton Avenue. Walgreens is strategically positioned in a dense in-fill location with a population base of over 399,603 within a five-mile radius with high barriers to entry, and is easily accessible with two points of ingress and egress able Cambridge Street and Hano Street. Walgreens is included in a number of national tenants in the Cambridge Street area including: Stop & Shop, HomeGoods, Dollar Tree, KFC, Dunkin’ Donuts, Burger King and Tedeschi Food Shops. Located less than a half mile from the property is the newly developed Boston Landing, a 15-acre mixed-used development that houses the new world headquarters of New Balance Athletics, Inc., and the Boston Bruins practice facility. In addition, the development includes additional office buildings, retail and restaurant space, a hotel and a sports complex.
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.