October 6, 2020 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of CVS Pharmacy in New Bedford, Massachusetts. Horvath & Tremblay exclusively represented the seller in this transaction at a sale price of $7,859,619, a 5.25% Cap Rate.
CVS Pharmacy is located at 136 Ashley Boulevard (Route 18) in New Bedford, Massachusetts. CVS has more than 20 years of term remaining on a Double-Net Lease with an additional five (5), 5-Year renewal options. This lease calls for fixed rent increases at the start of each of the option periods. The 12,900 square foot, stand-alone building was constructed in 2008, and is situated on a 1.23-acre corner parcel at the intersections of Ashley Boulevard and both Holly Street and Tollman Street in the densely populated residential neighborhood. CVS is located less than 0.25-miles from the interchange with Interstate 195. The property offers access from three roadways and features excellent visibility, ample parking, and a dedicated pharmacy drive-through lane. The property further benefits from its walkability in a densely populated residential neighborhood with more than 141,500 people residing within a 5-mile radius.
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.