December 28, 2018 – Bob Horvath, Todd Tremblay and Matthew Nadler of Horvath & Tremblay have successfully completed the sale of the ground lease to CVS in Leominster, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer in the transaction that closed at a sale price of $2,650,000, a 5.02% cap rate.
The CVS is located on a highly-visible, 1.9-acre infill parcel, at the corner of Central and Graham Streets. The stand-alone store is well-positioned at a signalized intersection that offers excellent visibility and convenient access from both roadways. The city of Leominster, the 2nd largest city in Worcester County, is located in north-central Massachusetts at the junction of Route 2 and Interstate 190. CVS has been at the Property since 2002 and recently signed a new, 20-year ground lease with 10, five-year renewal options that include 5.0% rent increases at the start of each option period.
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.