May 13, 2020 – Bob Horvath of Horvath & Tremblay has successfully completed the sale of Irving Gas and Convenience Store in North Conway, New Hampshire. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $5,331,000, which translates to a 5.60% Cap Rate.
The Irving Gas & Convenience Store is located at 1500 White Mountain Highway (Route 16) in North Conway, NH. The stand-alone gas station and convenience store is located on a highly-visible parcel on the heavily travelled Route 16 commercial corridor which includes most of the area’s retail, dining, lodging and entertainment options. The property, located across from a 300,000 square foot shopping center with more than 75 stores, is comprised of a 1.87 acre lot with 10 covered pumps and a 3,500 square foot convenience store. Irving Oil recently demonstrated their long-term commitment to the location by preemptively extending their term with a new 15-year lease. The lease now expires in 2034 with two, 5-year renewal options. North Conway, in tax-free New Hampshire, is a popular destination for outlet shopping as well as the gateway to a multitude of local attractions including Mount Washington, Story Land, excellent hiking, biking and rock climbing and several ski resorts including nearby Cranmore, Bretton Woods, Attitash and Wildcat.
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.