June 6, 2017 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of the ground lease of Brookline Bank in Waltham, Massachusetts. Horvath & Tremblay represented the seller to close the property at a sale price of $3,500,000, a 4.77% cap rate.
The newly constructed Brookline Bank property located at 465 Main Street in downtown Waltham. The 19,718 square foot parcel is set on a signaled corner location with excellent visibility and multiple points of access. Completed in 2013, the premise includes a high quality, 4,500-square foot building, drive-thru lane, surface parking and attractive landscaping. The building was constructed by and leased to Brookline Bank, one of New England’s premier banking and lending institutions. Brookline Bank is a subsidiary of Brookline Bancorp, Inc., a multi-bank holding company with $6.4 billion in assets and branches throughout Massachusetts and Rhode Island. Brookline Bancorp is a publicly traded company (NASDAQ: BRKL) with a market cap of $1.05 billion. The fifteen year Brookline Bank ground lease commenced in April 2013 and has eleven years remaining plus four, five-year renewal terms with fixed rental increases occurring every five years in both the original term and the renewal terms. The property is located on an urban infill site at the corner of Main Street and Newton Street in the densely populated and busy downtown area of Waltham. Waltham is a vibrant small city of 63,000 located just ten miles northwest of Boston and strategically located at the heart of Massachusetts’ Route 128 Technology Corridor, second only to Silicon Valley as the nexus of high-tech companies in the country.
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.