Horvath & Tremblay Broker Sale of Two CVS Pharmacies in MA for $13M+October 12, 2020
BOSTON–Bob Horvath and Todd Tremblay of Horvath & Tremblay in conjunction with Marc Koenig of MDK Realty have successfully completed the sale of CVS Pharmacy in Boston, Massachusetts. MDK Realty represented the seller and enlisted Horvath & Tremblay to nationally expose the property who also procured the buyer in this transaction at a sale price of $5,250,000, a 4.76% Cap Rate.
CVS Pharmacy is located at 451 Washington Street in Boston. CVS signed a new 20-year Absolute Triple-Net Lease in 2018 that has 18 years remaining with an additional six (6) 5-Year Options. That location has rare, fixed rent increases every five years throughout both the base term and option periods. The 13,400 square foot, stand-alone brick building was redeveloped in 2017, and is situated on a 0.97-acre corner parcel at the intersection of Washington Street and Park Street in the densely populated Dorchester neighborhood in the Codman Square. It is a busy commercial corridor with easy access for neighborhood residents on foot - and CVS also benefits from an exceptionally large parking lot for those traveling by car.
Horvath and Tremblay also facilitated the sale of a CVS Pharmacy in New Bedford, Massachusetts. The duo exclusively represented the seller in this transaction at a sale price of $7,859,619, a 5.25% Cap Rate. That retail building is located at 136 Ashley Boulevard (Route 18) in New Bedford, Massachusetts. CVS has more than 20 years of term remaining on a Double-Net Lease with an additional five (5), 5-Year renewal options. This lease calls for fixed rent increases at the start of each of the option periods. The 12,900 square foot, stand-alone building was constructed in 2008, and is situated on a 1.23-acre corner parcel at the intersections of Ashley Boulevard and both Holly Street and Tollman Street in the densely populated residential neighborhood. CVS is located less than 0.25-miles from the interchange with Interstate 195.Marc Koenigs Todd Tremblay Bob Horvath