November 17, 2021 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of the Wareham Marketplace Pad Sties (Wendy’s, AutoZone and Mattress Firm) in Wareham, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $6,250,000.
The Wareham Marketplace Pad Sites are located at 2419 Cranberry Highway (MA Route 28) in Wareham, Massachusetts. The Pad sites consist of three single tenant buildings leased to Wendy’s (corporate ground lease), AutoZone (corporate ground lease) and Mattress Firm (corporate double-net lease). Wendy’s has 8+ years remaining on their ground lease with four (4), 5-year renewal options. AutoZone has 11+ years remaining on their ground lease with three (3), 5-year renewal options. Mattress Firm has 7+ years remaining on their lease with two (2), 5-year renewal options. All three leases call for scheduled rent increases throughout their base terms and at the start of each of their renewal options. The properties are located within Wareham Marketplace, which also houses a new construction retail center that consists of a 29,910 square foot inline strip center leased to Aldi (Corporate Ground Lease) and Dollar Tree and a 5,337 square foot inline strip center. The properties are situated at the intersection of Tobey Road and Cranberry Highway (MA Route 28), just seconds from the I-195 Exit 21-on/off ramp, and 1,000 feet from the junction of Interstates 495 and 195. Located in the heart of the area’s primary commercial corridor the property is surrounded by numerous businesses and retailers (Target, Walmart Supercenter, Lowe’s, ALDI, DSW, TJ Maxx, Petco, Michaels, Staples, Chipotle, Starbucks, 99 Restaurant, Five Guys, and Dunkin’ Donuts) attracting consumers to the area.
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.