April 24, 2020 – Bob Horvath, Todd Tremblay, Matt Nadler and Dan Bernardini of Horvath & Tremblay have successfully completed the sale of O’Reilly Auto Parts in Plainfield, Connecticut. Horvath & Tremblay exclusively represented the seller in this transaction, and procured the buyer at a sale price of $2,130,000 which translates to a 5.75% Cap Rate.
O’Reilly Auto Parts is located at 764 Norwich Road (Route 12) in Plainfield, Connecticut. The new construction single-tenant building was constructed in 2020 and contains 7,225 square feet on a 1.82-acre lot. The new corporate lease has a 15-year Double-Net Lease with an additional four (4) 5-Year Options. This location has rare fixed rent increases throughout both the base term and option periods. The property is strategically located along Route 12 in the growing trade area at exit 28 on Interstate 395 (The Connecticut Turnpike). The property is surrounded by national retailers including CVS, Big-Y Supermarket, Wendy’s, Dunkin Donuts and McDonald’s. The property benefits from strong demographics with more than 66,745 people with an average household income in excess of $83,500 living in the area.
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.