July 20, 2020 – Jeremy Black of Horvath & Tremblay has successfully completed the sale of Wendy’s in Olean, New York. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $2,597,500, a 5.07% cap rate.
Wendy’s is located at 447 North Union Street in Olean, New York. The stand-alone building sits on a 0.89-acre lot, and benefits from excellent visibility, two points of entry/egress and a drive-thru. Wendy’s has approximately 16 years remaining on a long-term, absolute triple net (NNN) lease that has two, 5-year renewal options. The lease calls for 10% rent increases every five (5) years throughout the base term and option periods. The property is well located in the North Union Street trade area at Exit 26 on Interstate 86. The property is near the major intersection of Union Street and State Streets, and is across the street from the Olean Center Mall.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in 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.