Seaford, NY Bob Horvath and Todd Tremblay of Horvath & Tremblay have completed the sale of a CVS at 350 North Bdwy. Horvath & Tremblay represented the seller to complete the transaction at a sale price of $8 million.
CVS has operated at this location since 2004, and elected to preemptively extend their lease, demonstrating their long-term commitment to the site and market. The current term has nine+ years remaining and is followed by two, five-year renewal options. The lease features a 10% rent increase at the start of each of the renewal options providing a steady increase in income and a hedge against inflation. CVS is situated at the signalized intersection of Merrick Rd., the area’s primary commercial and commuter corridor, and Seamans Neck Rd., The property occupies the southern end of an entire city block and has frontage and visibility along three streets, and three points of access. The property benefits from a bus stop directly in front of the store, three train stations (Seaford, Wantagh, and Massapequa) within 1.4-miles and the Seaford-Oyster Bay Expwy. is 0.2-miles away.
The town is located on the southern shores of Long Island and is 25-miles east of midtown Manhattan.
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