Amsterdam, NY Jeremy Black of Horvath & Tremblay has completed the sale of a Wendy’s. Horvath & Tremblay represented the seller and procured the buyer in the transaction that closed at a sale price of $1.855 million, at a 5.0% cap rate.
Wendy’s fully occupies the 3,213 s/f building at 101 Towne Sq. Wendy’s recently executed a new, 20-year, lease extension through February 2036. The triple-net lease currently has over 17 years of term remaining plus two five-year renewal options. Both the initial term and renewal terms include a 10% rent increase every five years. The Wendy’s lease is fully guaranteed by Wendy’s corporate parent.
The property is located along the area’s primary retail corridor near the city center. The pad site is located on an outparcel in front of the Walmart anchored Sanford Farms Shopping Center.
Additional retailers drawing consumers to the trade area include: Prices Chopper, Walgreens, Planet Fitness, St. Mary’s Memorial Health Center, St Mary’s Urgent Care, Target, Kohl’s, Michaels, Home Depot, Tractor Supply Co., Hannaford Supermarket, ALDI Supermarket, Advance Auto Parts, Panera Bread, Save-A-Lot and a 10-screen Emerald Cinema.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.