February 17, 2021 – Zach Smith of Horvath & Tremblay has successfully completed the sale of Wendy’s in Chicago, Illinois. Horvath & Tremblay procured the buyer to complete the transaction at a sale price of $2,525,250, a 4.95% cap rate.
Wendy’s is located at 145 South Western Avenue in Chicago, Illinois. The stand-alone building consists of 3,515 square feet and sits on a 0.46-acre lot, and benefits from a drive-thru. Wendy’s has approximately 11 years remaining on a long-term, ground lease (Absolute NNN) that has three, 5-year renewal options. The lease calls for 10% rent increases every five years throughout the base lease term and at the start of each renewal option. The Property was constructed in 2017 and reflects the new Wendy’s prototype building and interior layout. The site is situated at the signalized intersection of South Western Avenue and West Adams Street, which sees more than 24,000 vehicles per day. The property is situated just blocks away from the United Center and Interstate 290, positioning the asset in close proximity to one of Chicago’s main entertainment venues and the primary interstate throughout the downtown area. Additionally, more than 431,000 residents live within a three-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.