June 29, 2023 – Bob Horvath and Todd Tremblay also facilitated the sale of the Houlton Plaza Shopping Center in Houlton, Maine. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $1,575,000.
Houlton Plaza Shopping Center is located at 114-138 North Street in Houlton, Maine. The 100,914 square foot shopping center is anchored by Marden’s and C&S Wholesale Grocers (Andy’s IGA) with well-established tenants including Pizza Hut and All-Star Gymnastics & Cheering rounding out the rent roll. There is also a free-standing Machias Savings Bank within the shopping center that is not part of the offering (Machias Savings bank owns the building). Marden’s has been at this location since 2003 and has 2+ years remaining on their lease. C&S Wholesale Grocers (Andy’s IGA) has been at this center since 1978 and has 3+ years remaining on their lease with one 5-year renewal option. The Property is currently 81.27% leased and offers significant upside potential through the lease up of the existing 18,900 square feet of vacant space. Houlton Plaza Shopping Center is situated on a large 21.76-acre parcel of land situated along North Street (US Route 1). The Property enjoys outstanding visibility, frontage, and access along US Route 1 and is adjacent to and visible from Interstate 95. Additionally, the Property’s entrance is positioned at a traffic light, ensuring maximum exposure to area traffic. The Houlton Plaza Shopping Center is approximately 1-mile from downtown Houlton, the third 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.