December 28, 2021 – Bob Horvath, Todd Tremblay and Matt Nadler of Horvath & Tremblay have successfully completed the sale of an O’Reilly Auto Parts in North Haven, Connecticut. Horvath & Tremblay exclusively represented the Seller and procured the buyer to complete the transaction at a sale price of $2,500,000.
O’Reilly Auto Parts is located at 135 Washington Avenue in North Haven, Connecticut. The build to suit, single-tenant, net-leased O’Reilly’s was completed in late 2021 and contains 7,000 square feet on a 0.82-acre parcel. The corporate O’Reilly’s lease is for a 15-year term plus four, 5-year renewal options. The Lease calls for a 6.0% rent increase at the start of Lease Year 11 and at the start of each of the renewal options. The Property is strategically located along CT Route 5, central Connecticut’s primary commercial thoroughfare connecting New Haven and Hartford, less than 0.25 miles from Exit 12 on I-91 and 1.3 miles from the Wilbur Cross Parkway (CT Route 15), in the growing retail trade area surrounding the interchange. Amazon recently completed construction on a massive new fulfillment center that totals 1.2 million square feet and has brought an additional 2,000 jobs to the immediate area. The fulfillment center is located 1.5-miles north of O’Reilly on Washington Avenue (Route 5). North Haven is also home to Quinnipiac University, which has a growing campus and a total enrollment of +/- 10,200 students.
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.