December 12, 2023 – Bob Horvath, Todd Tremblay and Spencer Norton of Horvath & Tremblay have successfully completed the sale of a CVS Center in Georgetown, Massachusetts. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $5,350,000.
The CVS Center is located at 65 Central Street in Georgetown, Massachusetts. The mixed-use investment property is comprised of retail space on the first floor and seven residential units on the second floor. Anchored by CVS, the Property contains 20,452 square feet on a 2.57-acre parcel. In addition to CVS, the mixed-use Property has two additional retail suites on the first floor and the second floor is improved with four (4), 2-Bedroom/2-Bathroom apartments, one (1), 2-Bedroom/1-Bathroom apartment, and two (2) 1-Bedroom/1-Bathroom units. The apartments are turnkey and feature condo quality finishes throughout including new kitchens with granite and quartz counter tops, stainless-steel energy efficient appliances (including a dishwasher and built-in microwave), new bathrooms with modern amenities, and new flooring, wallboard, ceilings, fixtures, and doors throughout. Each unit also features in-unit laundry facilities (washer and dryer) and on-site parking. CVS has been at this location since 1998, and recently demonstrated their commitment to the site and the market by exercising their renewal option. CVS has 4+ years remaining on their lease with two (2), 5-year renewal options. Their lease calls for an attractive 8% rent increase at the start of their second renewal option. The Property is strategically located seconds from the signalized intersection of Central Street (MA Route 97) and Main Street (MA Route 133), the area’s two primary commercial and commuter corridors. Positioned in the center of town, the Property is across the street from Georgetown Crossing, the area’s dominant grocery anchored shopping center which drives traffic to the immediate area. The Property enjoys close proximity to area schools and businesses and is just 2-miles from Interstate 95. Georgetown is a small bedroom suburb of Boston, located along the north shore. The affluent and highly desirable community is approximately 30-miles north of Boston.
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.