March 28, 2017 – Brian Ahrens and Peter Butler, of Horvath & Tremblay, have successfully completed the sale of Tilted Kilt in Tempe, Arizona. Horvath & Tremblay procured the 1031 exchange buyer to close the property at a sale price of $5,600,000, a cap rate of 6.64%.
The 10,321-square foot, newly constructed property is fully occupied by Tilted Kilt and operates under a triple net lease with over 14 years remaining on the initial lease term with two, five year option periods. This is Titled Kilt’s built-to-suit flagship location and is located directly adjacent to the Tilted Kilt corporate headquarters. This restaurant location dedicates approximately 1,800-square feet of the its gross leasable area as a banquet room/training facility for its new and existing franchisees, which will allow the company to have better oversight and quality-control on its brand and franchisee operations. This area also provides for additional revenue stream for the restaurant, as the room is available for groups to rent out for events such as fantasy football drafts, college football games and corporate outings. The property is located next to the intersection of Warner Road and Priest Road with traffic counts of over 30,000 vehicles per day and 24,000 vehicles per day respectively. Major national retailers nearby include: IKEA (only location in Arizona), Costco Wholesale, Walmart Supercenter, The Home Depot, Dick’s Sporting Goods, Total Wine & More, Main Event Entertainment, Life Time Fitness and Dunkin’ Donuts, among others.
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.