November 14, 2016 – Brian Ahrens, Bob Horvath and Todd Tremblay, of Horvath & Tremblay, have successfully completed the sale of a newly constructed Newk’s Eatery located in Mobile, Alabama. Horvath & Tremblay represented the buyer and closed the property at a sale price of $2,578,996, a 6.8% cap rate.
Strategically positioned as an outparcel to Academy Sports, the newly constructed, built-to-suit, 4,200-square foot property is fully occupied by Newk’s Eatery who operates under a new 10-year corporately guaranteed lease with (3) five year options. The property benefits from its premier location within a regional power center and along the area’s primary retail corridor with national tenants including: Walmart Supercenter, Target, Kohl’s, Home Depot, Walgreens, Lowe’s, CVS, McDonald’s, and Panera Bread. The property features brand new construction fitting into the company’s modern concept and vision. Newk’s Eatery is one of the fastest growing restaurants in the fast-casual dining industry and boasts over 80 locations in 13 states since the company’s inception in 2004.
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.