December 29, 2020 – Joe Desalvo, Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of CVS Pharmacy in Worcester, Massachusetts. Horvath & Tremblay exclusively represented the seller in this transaction at a sale price of $1,080,000.
CVS Pharmacy is located at 256 Lincoln Street in Worcester, MA. The stand-alone brick building was constructed in 1965 and contains 5,646 square feet on a 0.19-acre corner lot. CVS has been at this location for more than 40 years and has 4+ years remaining on a Triple-Net (NNN) Lease with four (4), 5-Year Renewal Option. There is a 5.0% rent increases at the start of each of the renewal options. CVS is strategically located on a corner parcel along Lincoln Street, less than 250 feet from the UMASS Memorial Hahnemann Family Medical Center and less than 1-mile from the UMASS Memorial Medical Center, the Main UMASS Medical Center Campus. CVS benefits from strong area demographics with more than 148,000 people living within a 3-mile radius of the property, and more than 237,700 people within a 5-mile radius.
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.