February 19, 2021 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of a Federal Express Ground Facility in Nantucket, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $3,335,000, a 5.31% Cap Rate.
The Federal Express Ground (“FedEx”) distribution and warehouse facility is located at 9 Nancy Ann Lane on the island of Nantucket, Massachusetts. FedEx signed a new 10-year Double Net lease that commenced on January 1, 2021. The 2,430 square foot building is being used by FedEx as a distribution and warehouse facility. The 0.57-acre site is ideally located in Nantucket’s mid-island commercial district, approximately halfway between the Nantucket Airport and Steamship Authority Ferry Terminal providing convenient access for packages and freight arriving by ferry or airplane. Given the geographic boundaries and high-cost of doing business on the island, both residents and commercial businesses are E-commerce dependent for both incoming and outgoing goods, resulting in extremely high-demand for effective and efficient delivery services. Nantucket has a year-round population of approximately 12,000 residents that swells in the summer months to almost 60,000 full-time occupants plus thousands of additional shorter-term vacationers. In 2018, Nantucket residents had an average household income of over $139,000 and an average household net worth of over $1.5 million.
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.