February 9, 2018 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of Citizens Bank in Hyannis, Massachusetts. Horvath & Tremblay represented the seller and procured the buyer to close the property for a sale price of $3,375,000 a 5.18% cap rate.
Citizens Bank fully occupies a newly constructed building located at the “Airport Rotary” in Hyannis. Citizens Bank will operate under a new 15-year lease term with three, 5-year renewal options. The lease is structured as triple net (NNN) with zero landlord responsibilities. The new Citizens Bank will replace the existing branch at the well-known and heavily trafficked 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 rotary boasts high traffic counts in excess of 24,000 vehicles per day throughout the year with average daily traffic counts increasing to over 32,000 vehicles per day during the busy summer months. The new bank branch is part of a larger project that includes a brand-new CVS. This brand-new bank branch will be an enhancement for the community and will further solidify Citizens Bank presence in the area. The older branch had a deposit base of $82.4 million that should expand with the opening of the new building.
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.