July 12, 2017 – Kyle Danielson and Bob Horvath of Horvath & Tremblay have successfully completed the sale of TGI Friday’s in Homestead, Pennsylvania. Horvath & Tremblay exclusively represented the buyer. The property closed at a sale price of $4,650,000.
TGI Friday’s occupies a free standing, single tenant, 8,242-square foot building located along Waterfront Drive, just east of Homestead Grey’s Bridge. The property experiences traffic counts in excess of 45,000 vehicles per day and is located in a dense commercial and residential area of Homestead. TGI Friday’s benefits from its location near the Waterfront Shopping Center a 1.3 million square-foot open aired shopping center. Situated on the Monongahela River, the center is home to a vibrant collection of store, restaurants, hotels, and community events. As a sign of commitment to this location, TGI Fridays recently underwent extensive renovations totaling $500,000 and renewed the lease for an additional 15 years which includes scheduled rental escalations in the primary term and option periods.
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.