Bronx, NY Ariel Property Advisors has closed the sale of 2703 East Tremont Ave., a Wendy’s triple net leased investment property with future development potential in the Westchester Sq. neighborhood. The property sold for $6.675 million, which translates to a 4.94% capitalization rate.
Exclusive agents Scot Hirschfield, Jason Gold, Michael Tortorici, Victor Sozio and Marko Agbaba represented the owner, a private investor, and procured the buyer, an affiliate of Rockfarmer Properties, a real estate investment group led by John Petras and George Michelis.
2703 East Tremont Ave. is a 16,825 s/f lot improved by a 2,772 s/f Wendy’s restaurant and a 21-space parking lot, leased until 2035.
The restaurant has seen revenue growth since its recent participation in a nationwide corporate modernization program and from an influx of local medical establishments that have emerged in the area.
“This transaction is a testament to both the growing strength of Bronx commercial real estate market and the borough’s newfound ability to attract premier New York real estate investment companies like Rockfarmer Properties,” said Scot Hirschfield, vice president at Ariel Property Advisors.
Further, the buyer will benefit from future development potential as R6/C1-2 zoning provides 50,475 buildable s/f, as-of-right, for a mixed-use structure and more than 80,000 buildable s/f by including a community facility. The 6 train located at Westchester Ave. offers easy access to inner and outer borough locations. Other commuting options are available via the six different major bus routes in the area, as well as via the Hutchinson River Pwy., located only 0.25 miles away. Additionally, 2703 East Tremont Ave. is in close to the planned Metro North stations in Parkchester and Morris Park.
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.
2703 East Tremont Avenue - Bronx, NY
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