August 18, 2020 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of Chase Bank in Westwood, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $1,320,000, a 5.23% Cap Rate.
Chase Bank occupies the entire first floor of a retail condominium located at 670 High Street in Westwood, Massachusetts. The Chase Bank branch consists of 2,257 square feet plus an additional 5,046 square feet for their drive through. Chase Bank recently signed a 15-year double-net lease with four (4), 5-year option periods. The lease features 10.0% increases every five years throughout the base term and option periods. Chase Bank is extremely well located along High Street, Westwood’s primary commercial thoroughfare. The property also benefits from extremely strong demographics, with 141,000 people within a 5-mile radius with an average household income of $161,934 and traffic counts in excess of 17,000 vehicles per day
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.