June 17, 2024 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of a Starbucks Professional Building & Santander Bank in Acton, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $5,950,000.
The Property is located at 403-409 and 411 Massachusetts Avenue in Acton, Massachusetts (the “Property”). The Property consists of a 3,432 square foot single tenant Santander Bank (Ground Lease) and a 17,778 square foot professional building leased to Starbucks and a mix of medical office tenants. Santander Bank constructed their building in 2005 and has 2+ years remaining on their lease with 2, 5-year renewal options. Starbucks has been in their building since 1992 and has 7+ years remaining on their lease with three (3), 5-year renewal options. The Property offers investors a stable, internet-resistant rent roll with strong anchor tenants and upside through the lease up of the vacant space. Additionally, nine of the eleven tenants have scheduled rent increases either in their primary lease terms or in their renewal option periods, and all but one of the tenants have net leases and reimburse their pro-rata share of taxes and operating expenses, or their pro-rata share of increases above their respective base years for real estate taxes and operating expenses, protecting against rising operating costs. The Property is well located in the heart of Acton’s commercial center at the intersection of Community Lane and Massachusetts Avenue (MA Route 111), the area’s primary commercial corridor. The Property is situated on a highly visible corner parcel and shares the intersection with CVS, TD Bank, and the Acton Plaza, which is home to Roche Bros., the area’s primary grocery store, TJ Maxx, Home Goods and The Paper Store. The Property enjoys outstanding visibility and frontage and benefits from five points of access. The Property is just seconds from Main Street (MA Route 27) and offers convenient access to area schools, the South Acton Train Station, and major area roadways. Acton is an affluent community that is positioned in between Worcester, Leominster/Fitchburg, Lowell, and Boston, the area’s primary cities and employment centers.
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.