Horvath & Tremblay sells four commercial properties in New England totaling $7.838 million : NEREJ

597 Long Hill Road, Liberty Bank – Groton, Connecticut

33 Robert Drive, Starbucks – Easton, MA

Easton, MA Horvath & Tremblay has completed the sale of four commercial properties in New England for a total of $7.838 million.

Bob Horvath, Todd Tremblay and Brian Ahrens of Horvath & Tremblay completed the Starbucks sale. Horvath & Tremblay exclusively represented the seller and procured the buyer in this transaction at a sale price of $2.3 million. Starbucks is located at 33 Robert Dr. It is a new, freestanding building, which contains 2,500 square feet of rental space, drive-thru, and an outdoor patio on a 0.98-acre lot. Starbucks signed a 10-year lease with four 5-year renewal options. The lease provides for a rent increase of 5.2% during the first renewal option and rent increases of 10% at the start of the 2n/a3rdand 4e possibilities of renewal. Starbucks is located along Robert Dr. and sits between a Target and the Highlands Plaza, a world-class Big Y Market and an anchored TJ Maxx mall. The property is also close to Avalon Easton, a new residential community located at the end of Robert Rd. The property is adjacent to the signposted intersection of Eastman Street (Route 106), Foundry Street (Route 123) and the Robert Drive.

Horvath, Tremblay and Matt Nadler of Horvath & Tremblay have completed the sale of Santander Bank in Plainville, Connecticut. Horvath & Tremblay represented the seller exclusively to close the transaction at a sale price of $600,000. The Santander Bank building is located at 85 East Main St. Santander Bank still has 1 years left on its absolute NNN lease. This place is dark; however, Santander continues to pay rent and fulfill other obligations of its lease. Santander Bank is situated on a 1.08 acre parcel with visibility and frontage on East Main St. and two access points. The property includes a well-maintained building that contains 4,085 square feet on the main level and features a full basement (4,085 square feet) that has been finished with two access points. The property is centrally located and has an accessible location near the junction of I-84 and Rte. 72. The location is in close proximity to the Connecticut Commons Mall, anchored by Lowe’s and Big Y World Class Market and home to a number of national tenants that drive traffic to the area.

Nadler also facilitated the sale of a Liberty Bank in Groton, Connecticut. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $1.6 million. The Liberty Bank building is located at 597 Long Hill Rd. (Rte. 1). Liberty Bank has occupied this location since it was built in 2004 and has over 2 years remaining on its triple net lease with two 3-year renewal options. The property contains 3,234 square feet on a 0.62 acre parcel. The property is positioned along Long Hill Rd. (Rte. 1) with frontage and visibility, parking, dedicated drive-thru and ATM. The property is surrounded by national retailers, is one mile from I-95, and 2.5 miles from the General Dynamics Electric Boat facility (8,277 employees) and the Pfizer campus (3,400 employees) , 3 miles from UCONN’s Avery Point campus, 3.7-miles from Naval Submarine Base New London (10,150 employees) and 4.5-miles from the United States Coast Guard Academy and Connecticut College.

Nadler, Horvath and Tremblay also completed the sale of a Rite Aid in Claremont, NH exclusively representing the buyer to complete the transaction at a sale price of $3.338 million. Rite Aid is located at 73 Pleasant St. The freestanding building contains 13,515 square feet on a 1.41 acre lot. Rite Aid has operated there for over 20 years and recently executed a sale-leaseback demonstrating its commitment to the site and the market. Rite Aid has signed a new 15-year absolute NNN lease with nine 5-year renewal options. The lease provides attractive rent increases of 5% every 5 years throughout the base term and renewal options. Rite Aid is located along Pleasant St. (Rte. 12) and is positioned at the intersection of Pleasant St., Glidden St. and School St. in the center of town.

The property benefits from excellent signage, two entry and exit points and is surrounded by national retailers, schools and municipal offices.

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