December 5, 2018 – Jeremy Black and Brad Canova of Horvath & Tremblay have successfully completed the sale of Chili’s Grill and Bar in Venice, Florida. Horvath & Tremblay procured the buyer to close the transaction at a sale price of $2,494,076, a 5.25% cap rate.
Chili’s Grill and Bar operates under a 15-year absolute Triple Net lease with no landlord responsibilities. The Corporate guaranteed lease provides for 1.5% annual increases during the primary lease term. Chili’s has over a 24-year operational history at this location situated along South Tamiami Trail, on an outparcel to a Target-anchored shopping center. South Tamiami Trail has average daily traffic counts of 53,500 vehicles per day, providing Chili’s with a sizable customer base.
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.