January 17, 2023 – Todd Tremblay and Bob Horvath of Horvath & Tremblay have successfully completed the sale of a CVS in Lynn, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $4,650,000.
CVS is located at 509 Eastern Avenue in Lynn, Massachusetts. CVS has operated at this location since 1994 (28+ years), and in 2019 elected to exercise their first 5-year renewal option, demonstrating their commitment to the site and market. The current term has over 1 year remaining and is followed by two (2), 5-year renewal options. The lease features schedule rent increases at the beginning of each renewal option. CVS has historically performed well at this location and has strong and increasing Store Sales. The Property is situated at the intersection of Eastern Avenue and Alden Street, and benefits from excellent visibility and frontage, with prominent signage and access from both roads. CVS is surrounded by dense residential neighborhoods that provide a robust consumer base, and is also close to Lynn English High School, the largest school in the Lynn School system with over 2,100 students. There is a bus stop directly in front of the Property, and Western Avenue (Route 107) is 0.4 miles away and features a number of grocery-anchored shopping centers, as well as a Walmart just over a mile away.
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.