November 3, 2020 – Bob Horvath, Todd Tremblay and Matt Nadler of Horvath & Tremblay have successfully completed the sale of Verizon Wireless and DiBella’s Subs in Wallingford, Connecticut. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $3,750,000.
Verizon Wireless and DiBella’s Subs are located at 1086 North Colony Road (US Route 5) in Wallingford, Connecticut. The building was constructed in 2014 and is comprised of 7,500 square feet and is situated on a 1.14-acre corner lot. The property sits at the signalized intersection of North Colony Road and Neal Road which serves as the access road for both the adjacent Lowe’s Home Improvement and the Home Depot located across Route 5. The property is located in a large regional trade area at the junction of major highways US Route 5 and CT Route 15. Verizon Wireless has approximately 4 years remaining on a triple net lease that has two, 5-year renewal options. The lease calls for 10% rent increases at the start of each option period. DiBella’s Subs has 3.5 years remaining on a triple net lease with four 5-year renewal options. The DiBella’s lease also has 10% rent increases at the start of each option period.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in 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.