February 22, 2017 – Bob Horvath, Todd Tremblay and Brian Ahrens, of Horvath & Tremblay, have successfully completed the sale of a newly constructed CVS located in Meriden, Connecticut. Horvath & Tremblay worked exclusively representing the seller and procuring the local 1031 exchange buyer to fulfill their exchange requirement. The property closed at a sale price of $9,344,000, a cap rate of 5.0%.
Occupying a newly constructed 14,000-square foot property, CVS operates under a new corporate guaranteed, 25-year triple net lease (NNN) with (6) five year options. The property features CVS’s latest prototype design and offers customers the convenience of a prescription drive-thru. CVS is strategically positioned with excellent access and visibility at the hard corner signalized intersection of Broad Street, Anne Street and Gale Avenue. This is a proven market for CVS having relocated to this site from its previous location in a smaller footprint store about one mile away. The property is strategically positioned along a main retail thoroughfare with a national tenant representation. Located one mile south from the site is the Townline Square Shopping Center, a 318,000± square foot shopping center anchored by: Marshalls, PetSmart, Big Y, and Burlington Coat Factory. Additional tenants in the center include: GameStop, The Edge Fitness Clubs, T-Mobile, H&R Block, GNC, Weight Watchers, Firestone, Sleepy’s, Panera, Five Below, Cost Cutters, McDonald’s, Pier 1 Imports, and Leslie’s Pool Supplies. Additional retail tenants in the area include: Aldi, Kohl’s, Famous Footwear, Subway, Dunkin Donuts, Starbucks, Fed-Ex Office, and Enterprise Rent-A-Car.
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.