October 1, 2020 – Bob Horvath and Todd Tremblay of Horvath & Tremblay in conjunction with Marc Koenig of MDK Realty have successfully completed the sale of CVS Pharmacy in Boston, Massachusetts. MDK Realty represented the seller and enlisted Horvath & Tremblay to nationally expose the property who also procured the buyer in this transaction at a sale price of $5,250,000, a 4.76% Cap Rate.
CVS Pharmacy is located at 451 Washington Street in Boston, Massachusetts. CVS signed a brand new 20-year Absolute Triple-Net Lease in 2018 that has 18 years remaining with an additional six (6) 5-Year Options. This location has rare fixed rent increases every five years throughout both the base term and option periods. The 13,400 square foot, stand-alone brick building was redeveloped in 2017, and is situated on a 0.97-acre corner parcel at the intersection of Washington Street and Park Street in the densely populated Dorchester neighborhood of Boston. CVS is located in the Codman Square District on a busy commercial corridor with easy access for neighborhood residents on foot and CVS also benefits from an exceptionally large parking lot for those traveling by car. An impressive 327,500 people live within a 3-mile radius of the property with an average household income of over $90,500.
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.