Wilmington Chase Bank and Chipotle Trades for $6.98M; New Construction Deal Exclusive via H&T

Wilmington — Bob Horvath, Todd Tremblay and Jack Laurendeau of Horvath & Tremblay have completed the sale of a two-tenant plaza leased to Chase Bank and Chipotle. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $6,983,421.

The two-tenant plaza is located at 208 Main Street in Wilmington, Massachusetts. The build-to-suit, two-tenant plaza is improved with Chase Bank and Chipotle and contains 6,924 square feet on a 1.32-acre parcel. Chase Bank has a new 15-year lease with six (6), 5-year renewal options and Chipotle has a new 15-year lease with four (4), 5-year renewal options.

Both tenants’ leases call for attractive 10% rent increases every five years throughout the primary lease terms and at the start of each of the renewal option periods. The Property enjoys outstanding frontage and visibility at the signalized intersection of Richmond Street and Main Street, the area’s primary commercial and commuter corridor.

Positioned in the heart of Wilmington’s commercial district, the new construction is adjacent to McDonald’s and the Rustica Memorial Arena and is seconds from Wilmington Plaza, which is anchored by Market Basket, TJ Maxx, and Ace Hardware. The Property is surrounded by local and national retailers and restaurants that drive traffic to the area, and is convenient to Wilmington’s schools and residential neighborhoods providing a captive customer base. Wilmington is a suburban town located in Middlesex County, approximately 15 miles north of Boston.