July 1, 2020 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of Irving Gas and Convenience Store in Pembroke, Massachusetts. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $2,547,169, a 5.30% Cap Rate.
The Irving Gas & Convenience Store is located at 92 Washington Street in Pembroke, MA. The stand-alone gas station and convenience store is located on a highly-visible parcel at the intersection of the heavily travelled Routes 139 and 53. Route 139 serves as the primary access road for residents of Pembroke utilizing Route 3, the primary commuter highway to Boston. The new construction property, is comprised of a 1.04 acre lot with 10 covered pumps and a 3,200 square foot convenience store. Irving Oil recently executed a new 15-year Ground Lease. The lease features an attractive 8.0% increase in year 11 and 9.0% increases at the start of each of the five, 5-year option periods. Pembroke is located 25 miles south of Boston on Massachusetts’ south shore. The town is halfway between Boston and Cape Cod and benefits from strong demographics with more than 55,500 people living within a 5-miles radius with an average household income in excess of $143,500.
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.