April 8, 2019 – Jeremy Black of Horvath & Tremblay has successfully completed the sale of Wendy’s in Parma Heights, Ohio. Horvath & Tremblay represented the seller to close the transaction at a sale price of $2,134,155, a 5.15% cap rate.
Wendy’s fully occupies a 2,440-square foot building located at 6530 Pearl Road (State Route 42) in Parma Heights, a southwestern suburb of Cleveland. The triple net lease currently has over 17 years of term remaining plus two, 5-year renewal options. Both the initial tem and renewal terms include an attractive 10% rent increase every five years. The Wendy’s lease is guaranteed by Wendy’s corporate parent. The Property benefits from its location along a busy retail corridor with traffic counts in excess of 24,000 vehicles per day. Prominent retailers drawing consumers to the trade area include: Giant Eagle Supermarket, Marshalls, Burlington, OfficeMax, Petco, Party City, JoAnn Fabrics, Walgreens, Big Lots, Harbor Freight Tools, Dollar Tree, Pizza Hut, Papa John’s Domino’s, Burger King, Arby’s, Taco Bell, Einstein Brothers, Dunkin’ Donuts, Krispy Kreme and numerous auto dealerships and national banks.
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.