January 31, 2023 – Todd Tremblay and Bob Horvath of Horvath & Tremblay have successfully completed the sale of Metro Credit Union in Salem, Massachusetts. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $1,800,000.
Metro Credit Union is located at 4 Paradise Road in Salem, Massachusetts. Metro Credit Union is operating under a long-term, 20-year lease that currently has over 8 years remaining followed by two (2), 5-year renewal options. The lease features an attractive 12% rent increase in 2026, and fair market rents during the renewal options. Metro Credit Union is well-located in southern Salem, next to the borders with Swampscott and Marblehead. The location is part of an excellent trade area and benefits from excellent visibility and frontage along Paradise Road, as well as two points of access. The Property sees more than 40,400 vehicles per day along Paradise Road. Metro Credit Union is directly across the street from the Staples-anchored Paradise Plaza, 0.3-miles from the Stop & Shop-anchored Swampscott Mall and CVS & Marshall’s anchored Vinnin Square Plaza, and 0.5 miles from Whole Foods.
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.