November 16, 2017 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of a newly constructed CVS in Hyannis, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer to close the property at a sale price of $13,950,000.
CVS is newly constructed and has a new 25-year lease term, plus five, five-year renewal options. The Property is located at the well-known and heavily trafficked Hyannis “Airport Rotary” that filters traffic to the Barnstable Airport, Island Ferries and Downtown Hyannis at the intersection of Routes 28 and 132 in heart of the mid-Cape. The new CVS is part of a larger project that includes the development of a new Citizens Bank branch. The developer has demolished the old branch and is currently building a new, two, story 6,000+ Citizens Bank branch.
CVS is strategically located within a densely populated area with over 26,000 full-time residents within a 3-mile radius and over 50,000 residents within a 5-mile radius. The demographics of this area increase exponentially during the high-tourist seasons in the summer. The highly visible location at the “Airport Rotary” experiences strong traffic counts in excess of 24,000 vehicles per day.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.