September 28, 2017 – Jeremy Black of Horvath & Tremblay has successfully completed the sale of the Wendy’s in Lakewood, New York. Horvath & Tremblay exclusively represented the seller to close the property at a sale price of $1,600,000, a 5.07% cap rate.
Wendy’s signed a twenty-year, triple net (NNN) lease which commenced in March 2016 and has over 18 years of lease term remaining with two, five year options. Wendy’s lease is Corporately Guaranteed and has rental escalations of ten percent (10%) every 5 years throughout the base term and option periods. Wendy’s has occupied this Lakewood location since 1999 and in March 2016 signed a new 20-year lease showing strong commitment to this site. The property is located along a heavily tenanted retail corridor with national retailers including: TJ Maxx, PetSmart, Michael’s, Tim Hortons, Tractor Supply Company, Walmart, Applebee’s Dollar Tree, Sears, Olive Garden and many 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.