August 25, 2016 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully brokered the sale of a newly constructed Rite Aid and Marlborough Savings Bank in Hudson, Massachusetts. Horvath & Tremblay exclusively represented the seller to close the property at a sale price of $6,232,142, a cap rate of 5.6%.
Situated on a 1.96 acre parcel, Rite Aid and Marlborough Bank are well positioned at a highly visible location with direct street frontage along Main Street in downtown Hudson, MA. The newly constructed properties were developed on the last remaining parcel of any size available for development in downtown Hudson. Rite Aid and Marlborough Savings Bank signed new twenty-year and twelve-year, ground leases respectively with each lease structured with (6) five year options and scheduled rental escalations. Rite Aid committed to this location relocating out of another building about one mile away. Located 2 miles west of the property is Shops at Highland Commons; totaling nearly one million square feet. Shops at Highland Commons is one of the largest open-air shopping centers in central Massachusetts, drawing shoppers directly from the Cambridge-Newton-Framingham, MA, metropolitan area. Tenants include Massachusetts’ first Cabela’s, Market Basket, TJ Maxx, Lowe’s, Bed Bath & Beyond, Michael’s, and BJ’s Wholesale Club. Located only 28 miles from Boston, Hudson offers the beauty of a semi-rural New England town as well as the convenience of a metropolitan suburb.
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.