January 16, 2020 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of Aubuchon Hardware and Beverly Bank in Beverly, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $5,300,000.
The retail plaza is located at 48-50 Route 1A (Enon Street) in Beverly, MA. The plaza is 100% leased to Aubuchon Hardware and Beverly Bank. The neighborhood plaza consists of 15,600 square feet plus a 900 square foot canopied drive-thru lane on a 2.01 acre lot. The plaza has excellent visibility and two points of access. Beverly Bank has been in this plaza since its construction in 1995, and recently extended their lease term through February 2026. The lease features 2% annual rent increases throughout its base term and its one 5-Year option. Aubuchon Hardware, the nation’s oldest family-owned hardware store in the country, executed a new 10-Year lease extension in 2016. The lease features annual rent increases throughout its base term and its two 5-Year options. The plaza is extremely well located along Route 1A, and sits in a well-established trade area that is centered around Stop & Shop and the North Beverly Train Station. Area demographics include 55,000 residents and an average household income in excess of $123,000 within a 3-mile radius.
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.