September 19, 2022 – Bob Horvath, Todd Tremblay and Stephen Girolamo of Horvath & Tremblay have successfully completed the sale of 84 Main Street in Gloucester, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $1,468,500.
84 Main Street in Gloucester, Massachusetts is a two-story building containing one retail unit at street level, fully leased to Jalapeno’s and seven artist studios on the second floor. The 9,352 square foot in-line building is conveniently located along Main Street one block north of Massachusetts Route 127 and one block east of Washington Street on a large 0.57-acre lot with plenty of off-street parking. The Jalapeño’s lease is for $12.36 per square foot, significantly below market rates. Their lease calls for a reset to Fair Market Rents in both of their renewal option periods, offering significant upside when their lease comes due by achieving market rents. The Property is conveniently located on Main Street in the heart of historic downtown Gloucester. seconds from Massachusetts Route 127 and Washington Street, which intersects with the Yankee Division Highway 1-mile to the North. The two routes are the primary roadways going into and out of Gloucester, providing easy accessibility to the Property for both town residents and visitors. Gloucester is a coastal town and bedroom community serving the city of Boston on the north shore of Massachusetts. The town’s historical importance and expensive real estate offers significantly high barriers to entry and limited opportunities for competing new retail development.
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.