October 21, 2020 – Robert Horvath, Todd Tremblay and Aaron Huntley of Horvath & Tremblay have successfully completed the sale of Citizens Bank in Osterville, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $2,100,000, a 5.63% Cap Rate.
Citizens Bank is located at 65 Wianno Avenue in Osterville, Massachusetts. Citizens Bank recently exercised a five-year renewal option, giving them 6 years remaining on an absolute triple-net lease with annual increases and one five-year renewal option remaining. Citizens Bank is strategically located in a single tenant building consisting of 2,478 square feet in the center of Osterville, just a few hundred feet from the intersection of Main Street and Wianno Avenue, the commercial hub of the village. The property benefits from a 0.79-acre lot that has entry and egress on both Wianno Avenue and Lovell Road. Citizens Bank has occupied this location since 2006 and is one of two banks in Osterville. This is a high-performing location with deposits of $94.78 million. The property benefits from impressive demographics with over 39,600 people living within a 5-mile radius of the property with an average household income in excess of $101,000 and the location has an average household income in excess of $166,000 within a 1-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.