January 10, 2019 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of the Verizon Wireless in Brewer, Maine. Horvath & Tremblay exclusively represented the seller and procured the buyer in the transaction that closed at a sale price of $1,630,769, a 6.5% cap rate.
Verizon Wireless fully occupies the 5,300-square foot free standing property located at 5 Schilling Drive. The Verizon Wireless dealer has 9-years remaining on their initial lease term plus two, 5-year renewal options. The lease calls for a 10% increase in rent every 5-years and at the start of each option period, and is guaranteed by Cellular Sales of Knoxville, a premium Verizon Wireless Retailer with over 600 locations in the U.S. The Property is located in a strong retail trade area immediately across the street from the signalized entrance to Walmart Supercenter. Additional retailers and attractions drawing consumers to the trade area include: Walmart, Lowe’s, Walgreens, Dollar Store, Marden’s Surplus Store, Ruby Tuesday, Dunkin Donuts, Tim Hortons, Subway, KFC, Burger King, McDonald’s, DQ, Playland Adventures, the Brewer Medical Center and the corporate offices of Eastern Maine Medical Center, Northern Light Healthcare and Beacon Health.
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.