July 29, 2021 – Bob Horvath, Todd Tremblay and Matt Nadler of Horvath & Tremblay have successfully completed the sale of the Franklin Plaza in Vernon, Connecticut. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $2,250,000.
The Franklin Plaza is located at 42 Windsor Avenue in Vernon, Connecticut. The Property consists of a 26,000 square foot building on a large 2.78-acre parcel of land. Family Dollar has occupied this location since 2000 and recently extended their lease for an 8-year term with two (2) 5-year renewal options, demonstrating their commitment to the location. Rockville Pharmacy and Dollar Tree executed leases at the property in 2019. Rockville Pharmacy’s lease calls for annual rent increases and Dollar Tree’s lease calls for rent increases every five years throughout their base term and renewal options. Family Dollar’s lease has rent increases at the start of the renewal options. Franklin Plaza is strategically situated along Windsor Avenue (CT Route 74/83) with outstanding frontage, visibility, and multiple points of access in the commercial center of Vernon/Rockville. The Property is just 1-mile from the Rockville High School and Rockville General Hospital and also benefits from its proximity to three different exits along Interstate 84. “New H2” Concept – First piloted in 2019, the new “H2” store will feature store formats that include Dollar Tree and Family Dollar brands under one roof. The new concept will leverage the best of the Dollar Tree and Family Dollar brands and will help improve store productivity, margins and returns.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in 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.