September 24, 2020 – Jeremy Black of Horvath & Tremblay has successfully completed the sale of Burger King in Tully, New York. Horvath & Tremblay represented the buyer, to complete the transaction at a sale price of $1,700,000.
Burger King is located at 5697 Route 80 in Tully, New York. The stand-alone building consists of 1,600 square feet with a drive-thru and sits on a 2.38-acre lot. Built in 2013, Burger King has approximately 13 years remaining on a long-term, triple net (NNN) lease that has two, 10-year renewal options. The lease calls for a recasting at market rents at the start of each option period. The property is well located adjacent to the intersection of NY Route 11 and NY Route 80 and benefits from excellent visibility along Interstate 81, which sees more than 33,500 vehicles per day. The location does extremely well and has outperformed Burger King’s national average by 20%. Sales at this location have steadily increased in each of the last four years.
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.