March 11, 2019 – Jeremy Black of Horvath & Tremblay has successfully completed the sale of a newly constructed Aspen Dental and WellNow Urgent Care in Lakewood, New York. Horvath & Tremblay exclusively represented the seller and procured the buyer to close the transaction at a sale price of $3,000,000.
The newly constructed two-tenant retail medical building is located at 386-390 E Fairmount Avenue and contains 6,700-square feet. The Property is leased to Aspen Dental and Five Star Urgent Care, a wholly owned subsidiary of Aspen Dental Management Inc. Both tenants have an initial 10-year terms, followed by three, 5-year options. The net leases include a 10% rent increase in Year 6 and at the start of each options period. The Property is strategically located in the center of the area’s growing retail district with convenient access and good visibility along Fairmount Avenue, the primary roadway in the area. Strong traffic counts of more than 20,870 vehicles pass the Property daily. The Property sits alongside the Chautauqua Mall, a Walmart Supercenter, Rite Aid, Home Depot, and Wegmans supermarket. Additional notable retailers attracting consumers to the area include T.J. Maxx, Raymour & Flanagan, Michaels, PetSmart, OfficeMax, JC Penny, Bon-Ton, Harbor Freight Tools, Tractor Supply Co, ALDI Supermarket, Bargain Outlet and Dollar Tree. The Property also benefits from its proximity to Southwestern High School, Middle School and Elementary School, which serve the combined towns of Lakewood, Busti, Celeron and West Ellicott.
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.