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Outparcels Chick-Fil-A & Chase Bank Sold for $6.35M at Rock Row via Horvath&Tremblay

September 23, 2022
Rock Row, Westbrook ME Rendering

WESTBROOK, ME — Outparcels are said to be key components in a developer’s overall strategy when envisioning a future sale of net lease assets, given the option to offload the properties as single units or in part of an overall portfolio sale. Moreover, the build-to-sell play has become more common of late within retail, as was the case with the packaged ground lease deals of Chick-fil-A and Chase bank at the newly constructed Rock Row in Westbrook, Maine.

Net lease veterans Bob Horvath, Todd Tremblay and Hobart Hare of Horvath & Tremblay teamed to complete the sale of two new single-tenant outparcels, a Chase Bank and a Chick-fil-A at the mega mixed-use development Rock Row, just west of Portland and anchored by Maine’s largest convention center. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $6,350,000 which represents a 4.08% Cap Rate for Chase Bank and a 3.5% Cap Rate for Chick-fil-A.

The newly constructed Chase Bank and Chick-fil-A are located at 92 & 94 Rock Row, a massive two million SF development being built surrounded by majestic quarries as the centerpiece in Westbrook. According to Horvath, Chase Bank has 14+ years remaining on their ground lease with three (3), 5-year renewal options. The ground lease includes an attractive 10% rent increase every five years throughout the primary term and at the start of each renewal option.

Chick-fil-A has 19+ years remaining on their ground lease with six (6), 5-year renewal options. The lease includes an attractive 10% rent increase every five years throughout the primary term and at the start of each renewal option. The Properties are strategically located as outparcels to a new construction grocery-anchored shopping center and is part of the larger Rock Row Development, a $600 million, 110-acre campus.

The shopping center is anchored by Market Basket and is also home to REI, The Paper Store, Starbucks, and other popular tenants. They are located at the signalized intersection of Main Street and Larrabee Road with excellent access and signage along Main Street, just a half mile from Interstate 95. In addition, they are 1.5-miles from the Westbrook High School, 3 miles from the University of Southern Maine, and 4 miles from downtown Portland.