February 28, 2018 – Bob Horvath and Aaron Huntley of Horvath & Tremblay have successfully completed the sale of a newly constructed Citizens Bank in Wolfeboro, New Hampshire. Horvath & Tremblay represented the seller to close the property for a sale price of $3,100,000, a 5.0% cap rate.
The newly constructed bank is located at 70 South Main Street in downtown Wolfeboro. The new Citizens Bank has relocated and replaced the existing Citizens Bank branch currently located on the edge of downtown at 7 Center Street. The new building is located at a vastly improved corner location in the center of downtown Wolfeboro, across the street for the Town Hall and adjacent to a Hunter’s IGA Supermarket and Rite Aid Pharmacy. This new building is an enhancement to the downtown neighborhood and will further solidify Citizens Bank’s presence in the area. The former branch, at 7 Center Street, had a deposit base of $77.4 million, that should expand with the opening of the new, improved location. Citizens Bank operates under a new 15-year triple net lease with the option for 3, 5-year renewal terms.
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.