December 4, 2017 – Bob Horvath, Todd Tremblay, and Mark Brockwell of Horvath & Tremblay have successfully completed the sale of a Walgreens in Deep River, Connecticut. Horvath & Tremblay exclusively represented the seller and procured the buyer to close the property at a sale price of $5,230,000, a 5.8% cap rate.
Walgreens, located at 180 Main Street, fully occupies the 13,500-square foot building. Walgreens operates under a corporately guaranteed triple net lease with over 16 years remaining on the base term of the lease with ten, 5-year renewal options. The Property is set in the quaint downtown of Deep River, across from an Adam’s/IGA Supermarket and adjacent to the Town Hall, with which the Walgreens shares a parking lot. With no other national pharmacy, food and consumer goods retailer in the area, the Walgreens and the Adam’s/IGA Supermarket are the primary shopping destinations for the 4,500 residents of this charming New England small town.
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.