December 17, 2021 – Robert Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of Citizens Bank in Watertown, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $2,950,000.
Citizens Bank is located at 631 Mount Auburn Street in Watertown, Massachusetts. Citizens Bank has been at this location since 2005 and has just executed a ten (10) year lease extension with four (4), 5-year renewal options. The Citizens Bank Lease features significant 15% rent increases at the start of each of the four (4) renewal options. Citizens Bank occupies 2,982 square feet on a 0.57-acre parcel in the heart of Watertown Square. The property features 52 on-site “deeded” parking spaces which are highly sought after and in limited supply in Watertown. The highly-visible Citizens Bank is strategically located at the signalized intersection of Mount Auburn Street, Bigelow Avenue, and Kimball Road. Mount Auburn Street is one of Watertown’s primary retail corridors and has average daily traffic counts in excess of 30,500 vehicles. Bisecting the city, Mount Auburn Street serves as a connector between the larger cities of Newton and Cambridge as well as connecting the various residential neighborhoods in Watertown.
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.