Eastview Place

Horvath & Tremblay is pleased to present the opportunity to purchase Eastview Place, a medical and professional center located at 2418 Airport Road and 58-82 E View Lane in Barre, Vermont (the “Property”).​ The Property is comprised of three freestanding, two-story medical and professional buildings, that contain a total of 34,692 square feet on a well-maintained and well parked 3.18-acre parcel of land.​ Eastview Place is 83.65% occupied by seven tenants and contains two vacant units totaling 5,672 square feet which offer significant upside through lease-up.​

Positioned along Airport Road, the Property benefits from its central location just off VT Route 62, with close and convenient access to US Route 302 and Interstate 89.​ Eastview Place is across the street from the Edward F Knapp State Airport and is strategically positioned in between downtown Montpellier and downtown Barre, both approximately 5-miles away.​ The Properties also offer convenient access to northern Vermont’s other cities including Burlington and St Johnsbury, as well as Lebanon, NH at the confluence of Interstates 89 and 91.​

THE ASSET: Eastview Place consists of three (3), well-maintained attractive two-story medical and professional office buildings. 2416 Airport Road contains 10,980 rentable square feet and is leased to two tenants, Gifford Health Care and Montshire Endodontics, and has one 2,600 square foot vacant unit. 58 E View Lane contains 11,712 rentable square feet and is leased to three tenants, University of Vermont Health Network (formerly Fletcher Allen Healthcare), HearingLife (formerly Audiology Services Company), and USA Risk Group of Vermont, and has one (1) 3,072 square foot vacant unit. 82 E View Lane contains 12,000 rentable square feet and is leased to two tenants, Gifford Medical Center, and Central Vermont Medical Center.

UPSIDE POTENTIAL: Eastview Place is currently 83.65% occupied and offers significant upside through the lease-up of the 5,672 square feet of vacant space. The vacant space consists of two units, a 3,072 square foot unit (Suites 58 A & B) and a 2,600 square foot unit (Suite 2418 A). The highly desirable space is ideally suited for medical or professional uses.

SCHEDULED RENT INCREASES: Several of the in-place leases call for scheduled rent increases in the base term and renewal options providing a steady increase in income and an attractive hedge against inflation.

NET LEASES: Five of the seven tenants reimburse their pro-rata share of real estate taxes, insurance, and common area maintenance, protecting against rising costs and making this an attractive investment for the passive investor.

STRATEGIC LOCATION: The Property benefits from its central location just off VT Route 62, with close and convenient access to US Route 302 and Interstate 89. The Property is across the street from the Edward F Knapp State Airport. The Property is strategically positioned in between downtown Montpellier and downtown Barre, both approximately 5-miles away. The Property also offers convenient access to northern Vermont’s other cities including Burlington and St Johnsbury, as well as Lebanon, NH at the confluence of Interstates 89 and 91.

AREA ECONOMIC DRIVERS: The Property is well positioned within the area’s commercial district. The immediate area along Granger Road is home to several industrial/warehouse facilities, and the area’s primary retailers are within 1-mile of the Property, including, the Berlin Mall, Walmart Supercenter, Shaw’s, and Kohl’s. Additionally, the Property is less than 1.5-miles from the Central Vermont Medical Center Hospital, Vermont Psychiatric Care Hospital, Berlin Health & Rehab Center, and several UVM Health Network facilities. The US Route 302 corridor also features additional retailers including Price Chopper, TJ Maxx, CVS, Panera Bread, Starbucks, McDonald’s, Burger King, and KFC.

E-COMMERCE RESISTANT INVESTMENT: More With an Aging baby-boomer population, and strong area demographics, the need for brick and mortar medical office buildings will continue to increase. This industry is unaffected by recessions and the need for personal interaction and specific medical aids can not be satisfied through e-commerce.

DEMOGRAPHICS: More than 27,700 people live within 5-miles of the Property with an average household income of $101,428 and approximately 46,800 people live within 10-miles of the Property with an average household income of $102,995.