May 11, 2021 – Peter Butler and Brendan Conway of Horvath & Tremblay have successfully completed the sale of Walgreens in Woburn, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete this transaction at a sale price of $11,000,000 which represents a Cap Rate of 5.37 percent.
Walgreens is located at 506 Main Street in Woburn, Massachusetts. The new construction, state of the art Walgreens consists of 10,646 square feet and sits in a high barrier urban-infill Main Street location. The initial lease term has 14+ years remaining plus 7, five-year renewal options with rare 5% rental escalations every five years throughout the base term and option periods. Walgreens hand-picked this location to capitalize on their dominant presence in this market. Walgreens is closing two nearby locations to consolidate their customer base and prescriptions business into this Main Street location. Walgreens identified this highly visible Urban-Infill Main Street location because of its convenient access for local residents and employees of the many nearby office parks. This is a downtown “Main & Main” location that is just seconds from Woburn Common (the City Green) and the city’s municipal buildings. Woburn is a high barrier to entry market, and a close, densely populated, suburb of Boston. The property benefits from strong area demographics and outstanding traffic counts along Main Street.
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.