September 28, 2023 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of the Wareham Pad Sites (five retailers) in Wareham, Massachusetts. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $7,600,000.
The Wareham Pad Sites are located at 1 Tobey Road in Wareham, Massachusetts. The Wareham Pad Sites are comprised of three new construction buildings that consists of a two-tenant building leased to Starbucks and the US Air National Guard, a single tenant Aspen Dental and a three-tenant building leased to Chipotle, Crumbl Cookies, and Wareham Animal Hospital. The three buildings contain a total of 13,164 square feet and are positioned on a 4.03-acre corner parcel of land. Starbucks has 7+ years remaining on their lease with four (4), 5-year options, Aspen Dental has 7+ years remaining on their lease with three (3), 5-year options, Chipotle has 8+ years remaining on their lease with four (4), 5-year options, and the US Air National Guard has 4 years remaining on their lease. Crumbl Cookies signed a new 10-year lease and Wareham Animal Hospital signed a new 15-year lease. All of the tenants (except the US Air National Guard) have scheduled rent increases throughout their primary lease terms, as well as in their option periods, providing a steady increase in income and an attractive hedge against inflation. The US Air National Guard’s lease is flat during their primary lease term. The Wareham Pad Sites are shadow anchored by a Walmart Supercenter and are exceptionally well located at the intersection of Tobey Road and Cranberry Highway (MA Route 28). The Property benefits from meticulous planning during development with two points of access, and visibility and frontage that have been maximized by each building’s positioning on the site.
The Wareham Pad Sites are situated at the intersection of Tobey Road and Cranberry Highway (MA Route 28), just seconds from the I-195 Exit 21-on/off ramp, and the junction of Interstates 495 and 195. Located in the heart of the area’s primary commercial corridor the property is surrounded by numerous businesses and retailers (Target, Walmart Supercenter, Lowe’s, DSW, TJ Maxx, Petco, Michaels, Staples, ALDI, Dollar Tree, AutoZone, Wendy’s, 99 Restaurant, Five Guys, and Dunkin’ Donuts) attracting consumers to the area.
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.