June 23, 2017 – Matthew Nadler of Horvath & Tremblay has successfully completed the sale of the Taco Bell in Portland, Maine. Horvath & Tremblay represented the buyer to close the property at a sale price of $2,092,213, a 6.1% cap rate.
Taco Bell fully occupies a 2,250-square foot building along Washington Avenue in Portland. As a commitment to this location, Taco Bell location was recently renovated to meet Taco Bell’s new, modern prototype design and a brand new 20-year triple net lease was signed. The lease also includes 10% rental increases every five years throughout the base term and at the beginning of each of the four, five year options. Situated along Washington Ave, the property experiences high traffic counts (20,000VPD), and is just south of Interstate 95. Washington Ave is a major thorough fare which serves one of the main retail hubs of Portland and the surrounding area. The property is also located less than 2-miles from the University of New England – Westbrook College. Also, the site is surrounded by notable national credit tenants including Walgreen’s, CVS, BJ’s, Rite Aid, Starbucks, Dunkin’ Donuts, Anytime Fitness, McDonald’s, Subway, Little Caesar’s, and many more.
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.