November 14, 2019 – Brian Ahrens, Bob Horvath, and Todd Tremblay of Horvath & Tremblay has successfully completed the sale of Wendy’s in Queens Village, New York. Horvath & Tremblay exclusively represented the 1031 exchange buyer to complete the transaction at a sale price of $4,950,000, a 5.05% cap rate.
Wendy’s is located at 219-244 Hillside Avenue in Queens Village. The stand-alone building consists of 2,398 square feet and sits on a 0.58-acre lot, and benefits from a drive-thru. Wendy’s signed a new 15-year triple net (NNN) lease at the close of escrow that has four, 5-year renewal options. The lease calls for 1.5% annual rent increases. The property is extremely well located at the signalized intersection of Hillside Avenue and Braddock Avenue, which are primary corridors in Queens Village, NY. Additionally, the property is accessible from the Long Island Expressway (LIE), Grand Central Parkway, the Cross Island Parkway, as well as three bus-lines (Q1, Q27, Q288).
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.