December 7, 2022 – Steven Schiavello and Patrick Gray of Horvath & Tremblay have successfully completed the sale of a Firestone in Newington, Connecticut. Horvath & Tremblay exclusively represented the buyer to complete the transaction at a sale price of $2,610,000.
Firestone is located at 2897 Berlin Turnpike in Newington, Connecticut. The Property was a build-to-suite for Firestone and the 8,400 square foot stand-alone building sits on a 1-acre parcel of land. Firestone has 18+ years of term remaining on their Absolute NNN lease followed by seven (7), 5-Year renewal options. The lease features attractive 6.5% rent increases every five years throughout the primary lease term and at the start of each of the 5-year renewal options. Firestone is extremely well located along the Berlin Turnpike (US Route 5), central Connecticut’s premier commercial and commuter corridor. The Property is positioned adjacent to the signalized intersection of the Berlin Turnpike and Main Street (CT Route 176) and enjoys excellent visibility and frontage and is surrounded by national retailers including Walmart, Target, Stew Leonard’s, Price Chopper and Sam’s Club. Additionally, the area is home to countless national restaurant brands which drive traffic to the immediate area and several large residential complexes which offer a built-in customer base.
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.