September 25, 2018 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale a ground lease to a newly constructed Irving Oil in Attleboro, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer to close the transaction at a sale price of $2,200,000, a 5.79% cap rate.
The newly constructed gas station is located at 466 Washington Street (Route 1) in Attleboro. The Property consists of a 1.2-acre lot ground leased to Irving Oil for 15 years with 5, five-year renewal options. The corporate guaranteed ground lease provides for 8.0% rent bumps every five years during the initial term and at the start of each renewal term.
The Property is located on a parcel strategically located between Route 1 and Route 1A, providing excellent visibility and convenient access for travelers on the two main arteries through Attleboro. The two roadways, which merge just north of the Property connect I-295 to the north with I-95 to the south. Approximately 27,335 vehicles pass the Property daily. Additional retailers in the immediate area include: Stop & Shop, BJ’s Wholesale Club, CVS, TJ Maxx, Petco, Staples, Harbor Freight Tools, Town Fair Tire, La-Z-Boy, Aspen Dental, Uno Pizzeria, Ruby Tuesday, Chuck E Cheese’s, Chipotle, Dunkin’ Donuts, Honey Dew Donuts, IHOP, Taco Bell, Burger King, McDonald’s, the US Post Office and a year-round Atlantic Golf Center.
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.