June 15, 2017 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of the Rite Aid in Fall River, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer to close the property at a sale price of $8,612,500, a 5.6% cap rate.
Rite Aid fully occupies a newly constructed 14,608-square foot building located in downtown Fall River. Rite Aid signed the 20-year triple net (NNN) lease in December 2015 which includes (6) five year options. Rental escalations are scheduled after year ten and every five years throughout option periods. This is a relocation store for two older Rite Aid stores that were located in smaller footprints across the street and about 1 mile away. Situated on a 1.77 acre parcel, this Rite Aid’s location is strategically located with great visibility along South Main Street, a primary local route of the city, and is easily accessible off of Interstate 195 and Route 24. Located 1 mile north of the property is Saint Anne’s Hospital, a 359,000± square foot hospital campus located on a 6 acre parcel. Saint Anne’s Hospital is a full-service, acute care Catholic hospital with 185 beds. In addition, a brand new 1,000,000+ square foot Amazon distribution facility is located seven miles north of Rite Aid. The distribution center is set on 77 acres and employs over 1,000 people.
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.