November 22, 2019 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of CVS Pharmacy in Westborough, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer to close the sale at a price of $5,584,000, a 5.75% cap rate.
CVS Pharmacy is located at 74 East Main Street in Westborough. The stand-alone brick building was constructed in 1997 and contains 10,125 square feet, including a drive through. CVS recently elected to exercise three (3) of their 5-year options early, thereby extending their lease by 15 years. The lease now has over 18 years remaining on a double-net lease. There are also three (3) 5-year options remaining, each with a 10% increase. The property is well located on the corner of East Main Street (MA Route 30) and Water Street with three points of entry and egress. The immediate area is home to numerous national retailers and the Property benefits from its close proximity to MA Route 9, the Massachusetts Turnpike and I-495. This location has outstanding historical sales, and benefits from strong demographics and high traffic counts.
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.