Market-Basked Anchored CVS Sells for $3.4M; Horvath&Tremblay Complete NNN Exclusive

Haverhill — Bob Horvath and Todd Tremblay of Horvath & Tremblay have completed the sale of a CVS in Haverhill, Massachusetts. The NNN Veteran duo of Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $3,400,000.

The retail property is located at 211 Lincoln Avenue in Haverhill, Massachusetts. CVS has 17+ years remaining on its Absolute NNN Ground Lease with five (5) 5-year renewal options. The lease calls for attractive rent increases at the start of each of their renewal options.

CVS is a pad site within River’s Edge Plaza, a Market Basket-anchored shopping center positioned on the east side of Haverhill. CVS benefits from outstanding visibility, frontage and access along Lincoln Avenue (MA Route 113), the area’s primary commuter corridor. The Property is positioned along the banks of the Merrimack River and is adjacent to Riverside Park and Trinity Stadium, and seconds from Marrianna’s Marina. It is surrounded by residential neighborhoods, providing a built-in customer base, and is 0.5 miles from Holy Family Hospital. The Property is just 2.5 miles from Downtown Haverhill.

Triple net lease retail continues to perform well in an otherwise turbulent CRE industry, particularly single-tenant locations in grocery-anchored malls, especially for essential retailers, medical clinics, pharmacies, fast food/QSRs, and child care.

Todd Tremblay

Bob Horvath