October 27, 2022 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of the Skyway Plaza in Caribou, Maine. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $3,200,000.
Skyway Plaza is located at 30-42 Skyway Drive in Caribou, Maine. The Property consists of a 66,012 square foot retail center anchored by the State of Maine Department of Health and Human Services (DHHS) office, Kinney’s IGA (formerly Save-A-Lot supermarket), and Family Dollar. Skyway Plaza offers a stable and increasing cash-flow with well-established tenants. The State of Maine DHHS has occupied the Skyway Plaza for more than 15-years and has 14+ years remaining on its lease with two (2), 5-year renewal options. Kinney’s IGA (formerly Save-A-Lot) has been at this location for more than 21-years and has nearly 9 years remaining on the lease. Family Dollar has occupied this location for more than 4 years and has 4+ years remaining on its lease term. Jade Palace Chinese Restaurant has been at this location for more than 38-years and has 5+ years remaining on its lease. Significant upside exists through the potential development of four (4) retail pad-sites (totaling 3.45-acres of land) and an additional 7.09-acre site with frontage along Solman Street. Skyway Plaza is situated on a large 20.96-acre parcel of land adjacent to the signalized intersection of US Route 1, Access Highway (ME Route 89) and Bennett Drive. The Property enjoys outstanding visibility, frontage, and access along US Route 1 and has direct access to Bennett Street along Skyway Drive which feeds directly into the Plaza’s parking lot. The Skyway Plaza is approximately 1/3-mile from the heart of downtown Caribou, the second largest city in Aroostook County.
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.