September 20, 2023 – Hobart Hare and Stephen Girolamo of Horvath & Tremblay have successfully completed the sale of INSA Cannabis in Salem, Massachusetts. Horvath & Tremblay exclusively represented the buyer to complete the transaction at a sale price of $2,450,000.
INSA Cannabis is located at 462 Highland Avenue in Salem, Massachusetts. INSA Cannabis signed a new 10-year triple net (NNN) lease with three (3), 5-year renewal options. The Property was renovated and expanded for the tenant and consists of a 3,910 square foot building on a 0.572-acre parcel. The lease calls for attractive 3% annual rent increases throughout the primary lease term and each renewal option providing a steady increase in income and an attractive hedge against inflation. The property is strategically located along Highland Avenue (MA Route 107), the area’s primary commercial and commuter corridor. The property benefits from outstanding visibility and frontage along MA Route 107 and benefits from excellent traffic counts. The property sits at the start of a dense retail corridor and is surrounded by national retailers including Walmart, Target, Home Depot, Shaw’s, Market Basket, and several national restaurants driving traffic to the area. Additionally, the Property is 2.5 miles from Salem’s central business district.
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.