December 31, 2021 – Joe DeSalvo, Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of a Family Dollar & King Chef Plaza in Worcester, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $2,700,000.
The Family Dollar & King Chef Plaza is located at 205 Chandler Street in Worcester, Massachusetts. The two-tenant retail center is 100% occupied by Family Dollar and King Chef. Family Dollar has been in this location since 2001 and has 4+ years of term remaining with four, 5-year renewal options. King Chef has been in this location for more than 20 years and has 4+ years remaining on their lease. Family Dollar’s lease includes an attractive ten percent (10%) Rent Increase at the start of each renewal option, providing a steady increase in income and an attractive hedge against inflation. The Property is situated on a corner parcel at the signalized intersection of Chandler Street and Bellevue Street. The Property enjoys high visibility on Chandler Street, a primary east-west artery travelling through the densely populated city of Worcester. The location offers access to exceptional demographics and a convenient location for area residents. More than 20,850 vehicles per day pass the Property along Chandler Street. Worcester is the second-largest city in New England after Boston, and is home to nine colleges and universities that attract a large student population 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.