Boston Market

Tenant

Boston Market

Location

North Haven, Connecticut

Price

$1,034,783

CAP Rate

7.25%

NOI

$75,000

Lease Term

3.8 Years Remaining

Occupancy

100%

Building Size

3,482 Sq. Ft.

Property Type

Single Tenant

Year Built

1970

Lot Size

0.82

Status

Closed

Property Contacts:

Karly Iacono

Vice President

(201) 742-6119 | Email

JC Corr

Associate

(201) 742-6181 | Email

  • NNN Lease –No Landlord Responsibilities
  • Corporate Guarantee
  • Boston Market is Paying Below Market Rent
  • Strong Commitment to Location –Recently Extended the Lease through 2023
  • Located on North Haven’s Main Retail Corridor –19,200 Average VPD
  • Great Demographics –Over 107k People within 5-Miles
  • Affluent Area –Average Income Exceeds $96k

Marcus and Millichap is pleased to exclusively present a net leased Boston Market investment property in North Haven, CT. The property is subject to a NNN lease corporately guaranteed by Boston Market with 3.8 years remaining on the current term and one 5 year option. The lease calls for a rental increase of 4% in January of 2021 and fair market value increases in the option period. Boston Market has occupied this location since 2000 and has recently extended their lease through 2023 showing a strong commitment to the location.

Boston Market Corporation operates a chain of more than 460 locations across 28 states in the US. The company was founded in 1985 and is based in Golden, Colorado. They offer homestyle meals without the hassle of preparation or clean-up. They also provide home delivery and catering services. Boston Market Corporation was formerly a subsidiary of McDonald’s Corp.

The subject property is located on North Haven’s main retail corridor where the average vehicles per day are 19,200. There are many national tenants surrounding the property such as CVS, Starbucks, Walgreen’s, Stop & Shop, Bank of America and more. In addition, the Quinnipiac University North Haven Campus is just two miles away and is home to a school of law and medicine. There are over 15,000 students (primary school to doctorate students) within 5-miles of the Boston Market.