September 12, 2022 – Bob Horvath, Todd Tremblay and Hobart Hare of Horvath & Tremblay have successfully completed the sale of two new construction single tenant properties, a Chase Bank (ground lease) and Chick-fil-A (ground lease) in Westbrook, Maine. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $6,350,000 which represents a 4.08% Cap Rate for Chase Bank and a 3.5% Cap Rate for Chick-fil-A.
The new construction Chase Bank and Chick-fil-A are located at 92 & 94 Rock Row in Westbrook, Maine. Chase Bank has 14+ years remaining on their ground lease with three (3), 5-year renewal options. The ground lease includes an attractive 10% rent increase every five years throughout the primary term and at the start of each renewal option. Chick-fil-A has 19+ years remaining on their ground lease with six (6), 5-year renewal options. The lease includes an attractive 10% rent increase every five years throughout the primary term and at the start of each renewal option. The Properties are strategically located as outparcels to a new construction grocery anchored shopping center, part of the larger Rock Row Development, a $600 million, 110-acre, mixed-use development. The shopping center is anchored by Market Basket and is also home to REI, The Paper Store, Starbucks, and other popular tenants. The Properties are located at the signalized intersection of Main Street and Larrabee Road and enjoy excellent access and signage along Main Street. Additionally, the Properties are in the center of the region’s primary traffic flow and benefit from two direct exits off Interstate-95 (the Maine Turnpike), both approximately 0.5-miles away. The Properties are 1.5-miles from the Westbrook High School, 3-miles from the University of Southern Maine, and 4-miles from downtown Portland.
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.