June 18, 2020 – Peter Butler, Robert Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of Citizens Bank in Framingham, Massachusetts. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $5,100,000, a 4.80% Cap Rate.
Citizens Bank is located at 7 Hartford Street in Framingham, Massachusetts. The new construction stand-alone building, consisting of 2,100 square feet, is a relocation of a high-performing location in a retail center that had a deposit base of $195 million. Citizens Bank has a brand new 10 Year Absolute NNN Lease with three, 5-Year Options. The lease features a 9.8% increase in 2025 and 10% increases at the start of each of the option periods. Citizens Bank is strategically positioned at the intersection of Hartford Street and Concord Street, two heavily traveled arteries connecting Framingham with the employment centers in Boston and along the Route 128/I-495 technology corridors. The property benefits from outstanding demographics with over 146,000 people living within a 5-mile radius of the property with an average household income in excess of $139,000.
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.