April 17, 2018 – Matthew Nadler of Horvath & Tremblay has successfully completed the sale of the ground lease to Webster Bank in Waterbury, Connecticut. Horvath & Tremblay exclusively represented the seller and procured the buyer to close the property at a sale price of $3,300,000, a 6.1% cap rate.
Webster Bank is located on an outparcel at the entrance to Waterbury Plaza and includes 3,318 rentable square feet, three drive-thru lanes, good visibility, easy access and ample parking. Webster Bank has had a branch operating at this location in for over 40 years and has an excellent deposit base of approximately $64.5 million as of June 30, 2017. Coinciding with a 15-year lease extension in 2011, the building and site received a substantial renovation and expansion, at the sole expense of Webster Bank, further demonstrating their commitment to the location. The new lease has over 11-years of term remaining plus two, 5-year renewal options. Both the current lease term and option terms include a 12.5% rent bump every 5 years.
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.