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Brokerage
Posted: October 4, 2016
Nadler and Black of Horvath & Tremblay broker $2.637 million sale of Plattsburgh Wendy’s
Jeremy Black, Horvath & Tremblay
Wendy’s - Plattsburgh, NY
Matthew Nadler, Horvath & Tremblay
Plattsburgh, NY Matthew Nadler and Jeremy Black of Horvath & Tremblay have brokered the sale of a free standing Wendy’s. Horvath & Tremblay represented the seller to close the sale at a price of $2.637 milion, a cap rate of 5.69%. The broker of record for the transaction was LLD Enterprises, LLC.
Structured as a sale leaseback transaction, Wendy’s has signed a new 20-year lease at the close of escrow. The lease also includes four 5-year options and 7% rental escalations scheduled every five years throughout the lease term.
The 2,789 s/f property has access and visibility along New York State Rte. 3, located at a signalized intersection in front of Consumer Square, a 491,506 s/f open-aired shopping center, anchored by Walmart and Sam’s Club.
Additional retailers include Panera Bread, Staples, Buffalo Wild Wings, HomeGoods, Michaels, TJ Maxx, GameStop, Verizon, and Supercuts. Also located along New York State 3 are national tenants including: KMart, Lowe’s, Price Chopper, Dollar Tree, Planet Fitness, Aspen Dental, Applebee’s, and Friendly’s.
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.
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