October 23, 2020 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of Walgreens in Gray, Maine. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $6,600,000.
Walgreens is located at 62 West Gray Road (Route 202) in Gray, Maine. The stand-alone building contains 14,673 square feet, including a drive through on a 2.83 acre lot. Walgreens recently extended their lease and has approximately 12+ years remaining on a Triple Net Lease, as well as five, 5-year renewal options with staggered rent increase. This location was originally developed as a Rite Aid in 2008, and Walgreens chose to convert this location, and extend the lease. The property is located just off Exit 63 on I-95 at the junction of Route 202. Gray is located in southern Maine, approximately halfway between Portland and Lewiston, the state’s two largest cities on I-95. The town includes popular vacation destinations Little Sebago Lake, Crystal Lake and Forrest Lake. This Walgreens serves the area residents, visitors to the Lakes Region, and travelers on i-95.
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.