March 20, 2019 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of a newly constructed CVS in Cambridge, Massachusetts. Horvath & Tremblay represented the seller in the sale that closed at a sale price of $20,955,000, a 5.04% cap rate.
The new CVS is located at the signalized intersection of Cambridge Street and Third Street in East Cambridge. The site is located across from the Middlesex County Courthouse and abuts the densely populated residential section of East Cambridge. The Property is located just one block from Lechmere Station on the MBTA’s Green Line and 0.25 miles from Cambridge Crossing, the 45-acre master planned development that currently contains 2,500 residential units. When fully built out, Cambridge Crossing will include 2.1 million square feet of office and retail space in 5 buildings and 4,900 residential units. The location of the new CVS is primed to provide excellent visibility and convenient access to capture both passing motorists and neighborhood residents, as well as to benefit from future development in the immediate area. CVS operates under a new 25-year lease which includes five, 5-year renewal options with attractive 10% rent bumps 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.