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Cumberland Farms

62 Rainbow Rd, East Granby, CT 06026

Listing Price: $2,176,470

Cap Rate
4.25%
Tenant Name
Cumberland Farms
Years Remaining On Lease
20.1
Gross SF
4,464
Guarantor
Corporate Guarantee
Rentable SF
4,464
Price/Gross SF
$487.56
Lease Type
NNN Ground Lease
Rent Per Square Feet
$20.72

Investment Overview

Marcus & Millichap is pleased to present the Cumberland Farms service station located at 62 Rainbow Road in East Granby, CT. Cumberland Farms is on a brand new 20 year ground lease with (5) – five year options. In year 10 of the lease, there is an 8% rent increase, as well as 8% increases per option period allowing for steady growth in the NOI and hedging against inflation. The lease is corporately guaranteed by Cumberland Farms, Inc. The subject property is located just 5 minutes away from Bradley International Airport and provides easy access to Interstate 91 and and is located along CT Route 20. It is also located among a number of retailers and industrial facilities. The other retailers in the market include Planet Fitness, Domino’s Pizza, Dunkin Donuts, Xtra Mart, C&S Wholesale Grocers, Advance Auto Parts and many others. Among the industrial facilities are Walgreens Distribution Center (686,000 SF), FedEx Shipping Center (146,033 SF), Dollar Tree Distribution Center (1M SF), Pepsi-Cola Distribution Center (75,000 SF), Tire Rack Distribution Center (304,000 SF), and a Domino’s Distribution Center (40,100 SF). Amazon has a fulfillment center in Windsor (1.5M SF) and plans to build a distribution hub down the road from the existing facility, which will add over 1,000 jobs. Metacomet Village, a 576-unit affordable housing community, is roughly one mile from the subject property. There are a number of large employers in the area including UTC Aerospace Systems, Hamilton Sunstrand (a division of UTC) and Alstom Power, which was acquired by General Electric in November of 2015. There is over 8 million square feet of office, flex, and industrial space within two miles of the property, making this a very dense area for distribution and supply chain centers. Cumberland Farms is just 15 miles from downtown Hartford; Connecticut’s state capital and one of America’s oldest and most historic cities. The average household income is over $136,000 in a one-mile radius, making this a very affluent community.

Investment Highlights

  • New 20-Year Absolute NNN Ground Lease
  • Brand New 2021 Construction
  • Zero Landlord Responsibilities

Exclusively Listed By

  • Laurie Ann Drinkwater

    Senior Vice President Investments

    (617) 896-7230

    Email Laurie Ann

    License(s): CT: REB.0751880, MA: 147511, RI: B 16787

    Boston

  • Seth J. Richard

    Licensed Real Estate Salesperson

    (212) 430-5164

    Email Seth

    License(s): CT: RES- 0764595, NY: 10401275108, MA: 149700

    Manhattan

Broker of Record

  • John Krueger

    Vice President / Regional Manager

    License(s): CT: REB.0791913

    Connecticut

Auto Service - Gas-Conv

Cumberland Farms

Listing Price: $2,176,470

Cap Rate
4.25%
Tenant Name
Cumberland Farms
Years Remaining On Lease
20.1
Gross SF
4,464
Guarantor
Corporate Guarantee
Rentable SF
4,464
Price/Gross SF
$487.56
Lease Type
NNN Ground Lease
Rent Per Square Feet
$20.72

Investment Highlights

  • New 20-Year Absolute NNN Ground Lease
  • Brand New 2021 Construction
  • Zero Landlord Responsibilities

Investment Overview

Marcus & Millichap is pleased to present the Cumberland Farms service station located at 62 Rainbow Road in East Granby, CT. Cumberland Farms is on a brand new 20 year ground lease with (5) – five year options. In year 10 of the lease, there is an 8% rent increase, as well as 8% increases per option period allowing for steady growth in the NOI and hedging against inflation. The lease is corporately guaranteed by Cumberland Farms, Inc. The subject property is located just 5 minutes away from Bradley International Airport and provides easy access to Interstate 91 and and is located along CT Route 20. It is also located among a number of retailers and industrial facilities. The other retailers in the market include Planet Fitness, Domino’s Pizza, Dunkin Donuts, Xtra Mart, C&S Wholesale Grocers, Advance Auto Parts and many others. Among the industrial facilities are Walgreens Distribution Center (686,000 SF), FedEx Shipping Center (146,033 SF), Dollar Tree Distribution Center (1M SF), Pepsi-Cola Distribution Center (75,000 SF), Tire Rack Distribution Center (304,000 SF), and a Domino’s Distribution Center (40,100 SF). Amazon has a fulfillment center in Windsor (1.5M SF) and plans to build a distribution hub down the road from the existing facility, which will add over 1,000 jobs. Metacomet Village, a 576-unit affordable housing community, is roughly one mile from the subject property. There are a number of large employers in the area including UTC Aerospace Systems, Hamilton Sunstrand (a division of UTC) and Alstom Power, which was acquired by General Electric in November of 2015. There is over 8 million square feet of office, flex, and industrial space within two miles of the property, making this a very dense area for distribution and supply chain centers. Cumberland Farms is just 15 miles from downtown Hartford; Connecticut’s state capital and one of America’s oldest and most historic cities. The average household income is over $136,000 in a one-mile radius, making this a very affluent community.

Exclusively Listed By

  • Laurie Ann Drinkwater

    Senior Vice President Investments

    (617) 896-7230

    Email Laurie Ann

    License(s): CT: REB.0751880, MA: 147511, RI: B 16787

    Boston

  • Seth J. Richard

    Licensed Real Estate Salesperson

    (212) 430-5164

    Email Seth

    License(s): CT: RES- 0764595, NY: 10401275108, MA: 149700

    Manhattan

Broker of Record

  • John Krueger

    Vice President / Regional Manager

    License(s): CT: REB.0791913

    Connecticut

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