March 20, 2020 –Robert Horvath, Todd Tremblay and Brad Canova of Horvath & Tremblay have successfully completed the sale of Chipotle & Pei Wei Fresh Kitchen in Naples, Florida. Horvath & Tremblay procured the buyer to complete the transaction at a sale price of $3,800,000, a 5.53% cap rate.
The property, located at 6821 Collier Boulevard, consists of Chipotle and Pei Wei Fresh Kitchen. The two tenant building benefits from excellent frontage along both Collier Boulevard and Celeste Drive (with traffic counts in excess of 29,500 vpd). Chipotle and Pei Wei both have 7+ years remaining on their double net (NN) leases, each with four, 5-year option periods. Additionally both leases feature 10% fixed rental increases every five years throughout the base term and options. The property is surrounded by a dense concentration of national retailers creating a strong draw to the area within the affluent Naples market, and is located along the primary access road into Marco Island.
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.