WINDHAM, ME, June 10, 2013 – Marcus & Millichap Real
Estate Investment Services, the nation’s largest real estate investment
services firm, has arranged the sale of a triple-net ground lease on a
138,134-square foot Lowe’s in Windham, Maine. The $12,406,015 sales
price equates to $90 per square foot.
 |
| Robert Horvath |
Robert
Horvath, a vice president investments, and Todd Tremblay, an
associate vice president investments, both in Marcus & Millichap’s Boston
office, represented the seller, a regional owner and developer. The buyer is an
institutional net-leased properties investor.
“Many investors are seeking stable,
less-management-intensive investments and are targeting assets with long lease
terms,” says Horvath. “The original 20-year lease on this Lowe’s was signed in
March 2005, which leaves 12-plus years on the initial term.”
“The lease also has six five-year options to renew and
rental increases of five percent are scheduled to occur at the commencement of
each exercised option period,” adds Tremblay. “The ground lease is absolute
triple-net with zero landlord responsibilities.”
 |
| Todd Tremblay |
Located at 64 Manchester Drive in Windham, Maine off U.S.
Route 302, a main thoroughfare through Southern Maine known as the Roosevelt
Trail, the Windham Lowe’s is situated within a well-established retail trade
area with proximity to numerous national tenants.
For a complete
copy of the company’s news release, please contact:
Ben Johnson
Marketing Director
(925) 953-1736
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