August 28, 2023 – Matt Nadler, Jack Laurendeau and Rob DiFranco of Horvath & Tremblay have successfully completed the sale of the Agway and Dunkin’ in Old Saybrook, Connecticut. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $5,900,000.
Located at 923 Boston Post Road, the build to suit, two-tenant plaza is improved with Agway who has 16+ years remaining on their 20-Year Lease, and Dunkin’ who has 16+ years remaining on their 20-Year “Corporate” Ground Lease. The Property contains two buildings with a total of 17,000 square feet on a 3.34-acre parcel. The Property was completed in 2019 and both the Agway and the Dunkin’ were build-to-suit buildings. The Dunkin’ building features their new design format and benefits from a drive-thru, and the Agway was built with an attractive design, high-end finishes and features a state-of-the-art greenhouse. The Agway lease calls for scheduled rent increases every other year throughout their base term and annual rent increases during their renewal options. The Dunkin’ lease calls for a 10% rent increase every five years throughout their base term and throughout their renewal options. The Property is well located along Boston Post Road (US Route 1) and benefit from outstanding visibility and frontage. The location is part of a dominant trade area centered around the junction of Boston Post Road (US Route 1) & Main Street (CT Route 154), with numerous businesses, national tenants and the Old Saybrook Train Station drawing significant traffic to the area. Old Saybrook is an affluent shoreline community with 14 miles of pristine coastline. The spring and summer months see a significant swell in population and pedestrian traffic, as out of state owners and vacationers descend on the shoreline community.
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.