December 5, 2018 – Bob Horvath, Todd Tremblay and Matthew Nadler of Horvath & Tremblay have successfully completed the sale of a newly constructed Rite Aid and The Learning Experience in New Haven, Connecticut. Horvath & Tremblay represented the seller in the transaction that closed at a sale price of $14,718,455, a 6.92% cap rate.
The newly constructed, single tenant net leased properties are located on the same parcel located at 249 Legion Avenue and 520 Martin Luther King Boulevard. The Rite Aid building was completed in 2016 and has 18 years remaining on the initial lease term plus six, 5-year renewal option terms. The Learning Experience operates under a new 15-year lease with two, 5-year renewal options. The Property is located two blocks west of the Yale-New Haven Hospital and in close proximity to Yale University and the Central Business District. Approximately 21,000 people are employed at the University and the Hospital while an additional 161,097 residents live within a 3-mile radius of the Property. The urban infill location benefits from excellent visibility, plentiful parking and easy access between two primary roadways serving as primary arteries to Yale-New Haven Hospital, Yale University and the New Haven Central Business District.
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.