March 31, 2016 – Brian Ahrens of Horvath & Tremblay, has successfully procured the buyer to complete the sale of CenturyLink in Syracuse, New York. Brian worked exclusively with the local 1031 exchange buyer to fulfill his exchange requirement. The property closed at a sale price of $715,000, a 7.40% cap rate.
CenturyLink has operated at this location for over 16 years and recently renewed the lease for an additional ten years showing their commitment to this location. The lease also includes (2) five year option periods and no landlord responsibilities. The triple net (NNN) lease is subject to a corporate guarantee adding additional security throughout the term of the lease. CenturyLink is a global communications, hosting, cloud and IT service company enabling millions of customers to transform their lives through innovative technology solutions. As a leading provider of Internet, TV and Voice, CenturyLink operates over 58 data centers in North America, Europe and Asia.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Recently recognized by Globe Street and Real Estate Forum as one of the “Top 20 Retail Sales Brokers” in the Industry, our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. We have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges.