August 19, 2016 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully brokered the sale of CVS in Millbury, Massachusetts. Horvath & Tremblay represented the seller and procured the buyer to close the property at a sale price of $3,235,000, a cap rate of 6.5%.
The 10,125-square foot building located along Canal Street is 100% leased to CVS. This is well-established CVS location having operated at this site since 1998. There are over four years remaining on the original 20-year double net (NN) lease with (4) five year options. The property benefits from its strategic location at the three-way intersection of Canal Street, Elm Street and Providence Street with high visibility and direct street frontage. Attracting shoppers to the area are The Shoppes at Blackstone Valley; the largest open-air shopping center in all of Central Massachusetts. National tenants at the center include: Target, Kohl’s, Barnes & Noble, Dick’s Sporting Goods, Staples, Gap, Ann Taylor LOFT, Jos A Bank, T.G.I.Friday’s, Red Robin, and Longhorn Steakhouse.
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.