October 27, 2023 – Bob Horvath, Todd Tremblay, and Brad Canova of Horvath & Tremblay have successfully completed the sale of the condominium interest in Westford Crossing in Westford, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $3,875,000.
Westford Crossing is located at 137-145 Littleton Road in Westford, Massachusetts. The Property is comprised of two single tenant buildings leased to Stir Martini Bar & Kitchen and Become Fitness and is further improved by a cell tower that is leased to American Tower. Westford Crossing is also home to a free-standing Walgreens that is not part of the offering. Stir Martini Bar & Kitchen has a new 10-year lease that is anticipated to commence in the fourth quarter of 2023. Become Fitness has been at this location since 2019 and has 5+ years remaining on their lease. American Tower has utilized this location for more than 25 years and has 2+ years remaining on their Absolute NNN Ground lease. Stir Martini Bar & Kitchen’s lease calls for annual rent increases, with an attractive 21% rent increase in 2025 a 6.4% increase in 2026 and 2% annual increases thereafter. American Tower has 3% annual increases throughout their base term and each of their renewal options. Become Fitness’s lease calls for 2.5% annual rent increases throughout their primary lease term and first renewal option. The Property is improved by a total of 12,980 square feet on an 8.77-acre parcel of land. Westford Crossing is well located along Littleton Road (MA Route 110), the area’s primary commercial and commuter corridor. The Property benefits from outstanding visibility and frontage and offers four points of access. The Property is positioned at the intersection with Nixon Road and is surrounded by significant commercial clusters driving traffic to the area. Westford Crossing is also close to area schools and residential neighborhoods, providing an instant customer base for the tenants in the plaza. Westford Crossing offers outstanding access to Interstate 495 and MA Routes 27 and 225 and is just minutes from MA Route 2 and US Route 3.