April 14, 2021 – Jeremy Black and Matt Nadler of Horvath & Tremblay have successfully completed the sale of an Outback Steakhouse and M&T Bank in Clifton Park, New York. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $2,300,000.
The Outback Steakhouse and M&T Bank investment property is located at 610 Old Route 146 in Clifton Park, New York. The two-tenant, fee simple Property includes an 8,746 square foot building on a 2.12-acre lot. Both leases feature corporate guarantees, and the tenants have shown significant commitment to this location with both Outback and M&T operating at the Property for over 20 years. Outback Steakhouse, which makes up 68% of the rental income at the Property, recently underwent a renovation in September 2019 as part of a companywide renovation initiative. Both tenants recently extended their term for an additional 5 years, further demonstrating their commitment to the site. The Property is located next to a shopping center anchored by Market 32 by Price Chopper and across the street from the Clifton Park Center shopping mall. The location is part of an exceptional trade area centered around the Route 146 and Interstate 87 junction, with numerous national tenants and retail centers drawing significant traffic to the area. Clifton Park is an affluent suburb of Albany approximately 12 miles north of the state capital.
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.