March 4, 2020 – Bob Horvath, Todd Tremblay and Aaron Huntley of Horvath & Tremblay have successfully completed the sale of CVS Pharmacy in Middleton, Massachusetts. Horvath & Tremblay exclusively represented the seller in this transaction, and procured the buyer at a sale price of $10,150,000, a 5.74% Cap Rate.
CVS Pharmacy is located at 220 Maple Street (Route 62) in Middleton, Massachusetts. The stand-alone brick building was constructed in 2007 and contains 11,900 square feet, including a drive through. The corporate lease has over 14 years remaining on an absolute triple-net lease with an additional six (6) 5-year options. This location has rare fixed rent increases every five years throughout both the base term and option periods. The property is well located near the intersection of Maple and East Streets, providing a “Main and Main” location for area residents. The property is less than two miles from Interstate 95 and US Route 1. Middleton is a bedroom community to Boston’s North Shore and one of the fastest growing communities in Massachusetts with a 9.79% population increase since 2010. The property is surrounded by high-end residential neighborhoods with an average household income of over $128,000 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.