November 6, 2018 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of the newly constructed Cumberland Farms located in South Deerfield, Massachusetts. Horvath & Tremblay procured the buyer to close the transaction at a sale price of $1,948,235, a 4.25% cap rate.
Cumberland Farms signed a new 20-year ground lease with five, 5-year options. The lease features 10% rental escalations every 5 years throughout the initial term and at the beginning of each option period. The new prototype store is situated on the hard corner of Greenfield Road and Elm Street, cumulatively seeing over 32,500 vehicles per day. The Property is located less then 900 feet from the Yankee Candle Flagship Store, which is second largest tourist attraction in the state of Massachusetts, drawing over three million visitors per year. Cumberland Farms is easily accessible form Interstate-91, benefitting from Northbound travelers.
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.