December 29, 2020 – Robert Horvath and Todd Tremblay of Horvath & Tremblay, and EXAN Group have successfully transacted on a Citizens Bank in Boston, Massachusetts. Horvath & Tremblay exclusively represented the seller and EXAN Group represented the buyer to complete the transaction at a sale price of $3,075,000, a 4.99% Cap Rate.
Citizens Bank is a brand-new single-tenant retail condominium situated at street level of The Carillon Building, a 9-story 32-unit luxury residential condominium building, located at 183 Massachusetts Avenue in the Back Bay neighborhood of Boston, Massachusetts. Citizens Bank executed a new 10-year triple net lease with two, five-year renewal options. The Citizens Bank lease calls for a 12.5% rent increase in year 6 and at the start of the first renewal option. Citizens Bank is strategically located in a street level retail condominium consisting of 2,120 square feet and sits along the heavily travelled stretch of Massachusetts Avenue between Newbury Street and Huntington Avenue, two of the neighborhood’s primary commercial arteries. The property has a walk score of 98 and a transit score of 100 and is less than 1,000 feet from two Green Line T-Stops (Symphony and Hynes) and is just seconds away from the Prudential Center (1.2 Million square feet of commercial and retail space), Copley Square, the Hynes Convention Center, Symphony Hall, the Berklee College of Music (7,000 students), and Northeastern University (29,000+ students and faculty). The property benefits from impressive demographics with a daytime population of 141,580 people within a 1-mile radius of the property with an average household income in excess of $127,950.
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.