December 20, 2019 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of Westgate Plaza in Brockton, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $12,950,000.
Westgate Plaza is located at the entrance to the Westgate Mall with an address of 542-544 Westgate Drive in Brockton. The Property consists of a fee-simple retail plaza leased to Marshalls and Aldi plus two ground-lease outparcels leased to Texas Roadhouse and a brand-new Chick-fil-A. The brand-new Chick-fil-A opened to much fanfare in February 2019 as the first Chick-fil-A restaurant in the metro-south region of Boston. The triple-net ground lease has over 14 years of term remaining plus eight, 5-year renewal options. The Ground Lease calls for an attractive 10% rent increase every 5 years and at the start of each option period.
Westgate Plaza is extremely well-located at the entrance to the Westgate Mall trade area just off major highway Route 24 in Brockton, Massachusetts. The destination trade area serves the metro-south suburban towns of Boston along the Route 24 corridor between I-93 to the north and I-495 to the south. Notable tenants drawing consumers to trade area include Walmart, Market Basket, Lowe’s Home Improvement, Staples, Best Buy, Harbor Freight, Dick’s Sporting Goods, Best Buy, Old Navy, Aspen Dental, Joann Fabrics, Town Fair Tire, Pet Supplies Plus, Sears, IHOP, Starbucks, and Dunkin’ Donuts. The Property also benefits from its positioning within a strong demographic area with over 172,000 people residing within a 5-mile radius of the Property with an average household income of $89,000.
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.