December 9, 2020 – Jeremy Black and Matt Nadler of Horvath & Tremblay have successfully completed the sale of Wendy’s in Erie, Pennsylvania. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $2,591,627, a 5.14% cap rate.
Wendy’s is located at 105 E 12th Street in Erie, Pennsylvania. The stand-alone building consists of 3,280 square feet and sits on a 0.92-acre lot, and benefits from a drive-thru. Wendy’s has a long operating history at the location and signed a new, 20-year, lease at the Property in 2016. The absolute triple-net lease currently has 16+ years of term remaining plus one, 5-year renewal option. The lease includes an 11.3% rent increase in November 2021 and a 10% rent increase every five years thereafter. The Wendy’s lease is corporate guaranteed. The Property is located along at a signalized intersection on a primary roadway in Downtown Erie with good traffic counts and within walking distance to numerous housing and employers. The Property is also less than 0.5 miles from Erie Station on Amtrack’s Lake Shore Limited line connecting Boston, New York City and Buffalo to the east with Cleveland and Chicago to the west. The property also benefits from excellent area demographics including more than 148,000 people within a 5-mile radius of the property.
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.