August 16, 2016 – Matthew Nadler and Jeremy Black of Horvath & Tremblay have successfully brokered the sale of a free standing Wendy’s located in Plattsburgh, NY. Horvath & Tremblay represented the seller and procured the buyer to close the sale at a price of $2,637,500, 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 brand new 20-year lease at the close of escrow. The lease also includes (4) five year options and 7% rental escalations scheduled every five years throughout the lease term. The 2,789-square foot property has excellent access and visibility along New York State Route 3, located at a signalized intersection in front of Consumer Square, a 491,506-square foot open-aired shopping center, anchored by Walmart and Sam’s Club. Attracting shoppers to the area are additional retailers including: Panera Bread, Staples, Buffalo Wild Wings, Home Goods, 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.