January 8, 2018 – Matthew Nadler of Horvath & Tremblay has successfully completed the sale of the KFC in Erie, Pennsylvania. Horvath & Tremblay exclusively represented the seller and procured the buyer to close the property for a sale price of $750,000.
KFC has over three and a half years remaining on the current lease term plus one, five-year renewal option. The lease is structured as triple net with zero landlord responsibilities. KFC has been in occupancy and operating at the premises since 1986 and has consistently exercised their options, demonstrating their commitment to the location. The Property has been remodeled at the expense of the Tenant to the new KFC prototype design concept featuring a more modern, cleaner, bolder look.
This well located property sits along the heavily travelled Parade Street, in the heart of Erie, Pennsylvania. With a population of approximately 100,000 residents, Erie is the fourth largest city in the state and the largest in Northwestern Pennsylvania. The property is situated on a main thoroughfare, in a densely populated residential area, less than half a mile from Erie’s downtown business district.
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.