February 14, 2024 – Bob Horvath, Todd Tremblay and Hobart Hare of Horvath & Tremblay have successfully completed the sale of a CVS in Spencer, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $10,324,000 and a Cap Rate of 5.42%.
The CVS is located at 95-101 Main Street in Spencer, Massachusetts. The new construction CVS has a 25-year Absolute NNN lease that commenced at the end of 2023 with six (6), 5-year renewal options. The CVS lease calls for rare and attractive 10% increases throughout the primary lease term and at the start of each of their renewal options. CVS has successfully operated out of an in-line location in the Spencer market for years. Their former location is positioned across the street from their new construction single tenant building which features an attractive architectural design, multiple points of access, and a drive through, which the former location did not have. The Property is situated on a highly visible corner parcel at the signalized intersection of Main Street (MA Route 9) and Pleasant Street (MA Route 31), the town’s primary commercial and commuter corridors. CVS enjoys an excellent location in the center of Spencer and is positioned across the street from a Price Chopper and 1.2-miles from a Big-Y anchored shopping center, the town’s two grocery stores. The Property is also within a few miles of the town’s elementary, middle, and high schools. Spencer is positioned approximately 8-miles north of Interstate 90 and 12-miles west of downtown Worcester.
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.