August 31, 2020 – Matt Nadler of Horvath & Tremblay has successfully completed the sale of Santander Bank in Manchester, Connecticut. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $2,050,000.
The Santander Bank building is located at 525 West Middle Turnpike in Manchester, CT. The single tenant building is located on a highly visible, signalized corner parcel in residential Manchester. The property features two points of access and has a double drive-thru lane and ample parking. Santander Bank recently exercised a six (6) year option to extend their Absolute Triple Net lease through May of 2027, and they have one, six-year renewal option remaining. The lease calls for 7.5% increases every three years throughout the base term and option periods. The location offers convenient access to both Interstates 84 and 384, which connect with downtown Hartford approximately 8-miles to the west. The area demographics feature more than 136,500+ people living within a five-mile radius with an average household income in excess of $96,000. Additionally, Santander Bank is based in Boston; its principal market is the northeastern United States.
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.