Horvath & Tremblay Sell Two Well Positioned Retail Buildings In MassachusettsOctober 30, 2020
LYNNFIELD–Horvath & Tremblay has completed the sale of two retail properties in Massachusetts for a total of $5,300,000.
Bob Horvath, Todd Tremblay, and Aaron Huntley of Horvath & Tremblay have traded the Citizens Bank in Osterville, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $2,100,000. The Citizens Bank branch is located at 65 Wianno Avenue in Osterville, Massachusetts. Citizens recently exercised a five-year renewal option, giving them 6 years remaining on an absolute triple-net, lease with annual increases, and one five-year renewal option remaining.
Citizens Bank is located in a single-tenant building consisting of 2,478 square feet in the center of Osterville, just a few hundred feet from the intersection of Main Street and Wianno Avenue, the commercial hub of the village. The property benefits from a 0.79-acre lot that has entry and egress on both Wianno Avenue and Lovell Road. Citizens Bank has occupied this location since 2006 and is one of two banks in Osterville. According to a release, the bank is a high-performing location with deposits of $94.78 million. The property benefits from impressive demographics with over 39,600 people living within a 5-mile radius of the property with an average household income in excess of $101,000 and the location has an average household income in excess of $166,000 within a 1-mile radius.
Horvath, Tremblay, and Huntley also completed the sale of a Burger King restaurant in Saugus, on Route 1. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $3,200,000. The single-tenant Burger King consists of 3,690 square feet on a 1.32-acre corner parcel of land. Burger King has just over 1-year remaining on their Absolute NNN Lease and has been operating at this location since 1975. This is a rare Corporate Burger King location (not franchised) that has enjoyed outstanding store sales for more than 45 years thanks to the phenomenal location along the southbound side of US Route 1.