Marcus & Millichap is pleased to present the exclusive listing for a fee simple condominium interest in CVS, Stop & Shop, and a Vacant Building, all located at 1475 and 1479 Newman Avenue in Seekonk, MA. The site consists of approximately 61,444 rentable square feet on an estimated 9.13-acre parcel of land. The CVS consists of approximately 12,900 rentable square feet that is subject to a 25-year Absolute NNN lease which commenced on May 1st, 2014. The current annual rent is $550,000 and is scheduled to increase at the start of each option period exercised by the tenant. There are a total of six(6), five(5)-year option periods. The lease is subject to a 10% increase at the start of the first (1st) option period and a 5% increase at the start of option periods two (2) through six (6).
The Stop & Shop consists of approximately 40,734 square feet of rentable space. This asset is subject to an Absolute NNN lease which has been in place for over 32 years! The current rent is $264,771 and is subject to two option periods: one(1), five(5)-year option followed by a one(1), one(1)-year option.
The vacant property consists of approximately 7,810 rentable square feet. At close of escrow, the seller will enter into a two (2)-year Triple Net Master Lease providing cash flow to a new investor while they secure a long term tenant.
About the Investment:
✓ Three-Unit Fee Simple Offering of a Stop & Shop Grocery Store, A CVS with a Drive Through and a 7,810 Vacant Unit on a Massive Parcel in MA
✓ Strong Credit Backing of Corporate CVS and Stop & Shop
✓ Both Stop & Shop and CVS Carry Investment Grade Credit Ratings!
✓ Essential Businesses | Long Term Tenancy | Recession Proof Businesses
✓ Prototype CVS was Built in 2014 | 17+ Years of NNN Term Remaining!
✓ Stop & Shop Paying Below Market Rent | Tremendous Upside Potential
✓ Stop & Shop has Operated at this Location Since 1990 and is Paying a Rent of Only $6.50 PSF!
✓ Tenant Paying Well Below the Average Rent for Stop & Shop as well as Local Market
✓ Both Stop & Shop and CVS are the Dominant Grocer/Pharmacy in the Northeast as well as within the Local Seekonk Market
✓ Seller to Provide a Two-Year Master Lease at Closing on Vacant Unit at a Low Rent Providing Upside to a New Owner with Ample Time to Tenant the Unit
About the Location:
✓ The Asset is Located at a Signalized Intersection of Newman Avenue and Central Avenue | Strong Visibility and Frontage with Multiple Points of Ingress/Egress
✓ Well-Tenanted Retail Corridor | Webster Bank, Dollar General, Speedway, Santander Bank and Many More
✓ Affluent Community | Average Household Income Exceeding $86,000 Within a Five-Mile Radius
✓ Ideal Demographics | Population Exceeds 200,500 Individuals Within a Five-Mile Radius
✓ Strong Traffic Counts | Over 12,400 and 17,000 Vehicles Per Day Along Newman Avenue and Central Avenue, Respectively
✓ Strong Student Population| Over 1,500 Students Enrolled in Classes within a Two-Mile Radius of the Subject Property