December 31, 2018 – Bob Horvath, Todd Tremblay and Matthew Nadler of Horvath & Tremblay have successfully completed the sale of the ground lease to TD Bank, Chili’s and Longhorn Steakhouse in Shelton, Connecticut. Horvath & Tremblay represented the seller in the transaction that closed at a sale price of $8,800,000, a 5.73% cap rate.
The TD Bank, Chili’s, and Longhorn ground lease that sits on a 3.8-acre parcel located at 820–838 Bridgeport Avenue along a busy retail, medical office and corporate office corridor in Fairfield County, Connecticut. The Property was developed in 2007 and has a long history of strong performance. Each ground lease has over 9 years of term remaining plus renewal terms, with rent escalations in both the current term and renewal terms.
The Property is strategically located at the center of a busy retail, medical and office trade area along Bridgeport Avenue between Route 8 and the Trapp Falls Reservoir in Fairfield County. An excellent vehicle count of approximately 17,800 vehicles pass the Property daily on Bridgeport Avenue. The three stand-alone buildings are located directly in front of the Hyatt House – Shelton, one of many extended stay hotels that cater to the corporate tenants in the area. Notable corporate tenants include Prudential Financial, CDW, United Healthcare, Robert Half, Barnum Financial Group, Sectra North America, Tetley USA, Baldwin Technology, Black & Decker, BIC Corporation, Playtex, Perkin Elmer and Pitney Bowes. The retail corridor along Bridgeport Avenue also includes a number of notable retailers including: Stop & Shop, ShopRite, TJ Maxx, Staples, Bed Bath & Beyond, Walgreens, Panera Bread, Burger King, Bruegger’s Bagels, Five Guys Burgers, Ruby Tuesday, Bertucci’s, Chipotle, and Outback Steakhouse.
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.