November 2, 2018 – Bob Horvath & Todd Tremblay of Horvath & Tremblay have successfully completed the sale of the ground lease to Stop & Shop on Nantucket, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer to close the transaction at a sale price of $11,000,000.
The commercially zoned, 2.3-acre land parcel is ground leased to the Stop & Shop Supermarket Company with over 13 years of term remaining plus twelve, 5-year renewal options. The option periods feature a 10% rent increase every 10 years, which presents with an attractive hedge against inflation in a severely land-constrained market. The ground lease features a corporate guaranty by the Stop & Shop Supermarket Company, LLC.
51 Sparks Avenue is strategically located within the Commercial Mid-Island (“CMI”) Zoning District, the commercial heart of the island, approximately half-way between Nantucket Harbor and the Nantucket Airport. The site is currently permitted for a total gross leasable area of 59,700 square feet. Recent zoning amendments in 2017 were approved to encourage expanded commercial uses including multi-family, elderly housing and “Workforce Housing” bonus lots.
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.