September 29, 2022 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of the Harbor Plaza in Rockland, Maine. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $13,500,000.
Harbor Plaza is located at 235 Camden Street in Rockland, Maine. The 169,079 square foot shopping center is anchored by Shaw’s Supermarket, TJ Maxx/HomeGoods and Staples with prominent junior anchor and in-line tenants including Olympia Sports, Rent-A-Center, H&R Block, Label Shopper, and The UPS Store. The Property is currently 92.77% leased with an impressive average length of tenancy of over 19 years. The majority of the leases include rent increases in the primary term or renewal options, which provide an attractive increase in income and hedge against inflation. Harbor Plaza is strategically located on Camden Street (US Route 1) and offers excellent pylon signage at the entrance to the shopping center from Route 1. The Property is conveniently accessed via the Harbor Plaza access road with its own signalized intersection on Route 1, the primary commercial corridor serving residents of Mid-Coast Maine and the tens of thousands of visitors and summer residents to the coastal towns around Penobscot Bay and Acadia National Park. The population of Rockland and the surrounding communities more than triples during the summer months with the arrival of tourists and summer residents.
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.