October 26, 2021 – Todd Tremblay, Bob Horvath and Matt Nadler of Horvath & Tremblay have successfully completed the sale of TGI Fridays in Manchester, Connecticut. Horvath & Tremblay exclusively represented the seller and Dan Waldman of Waldman & Associates procured the buyer to complete this transaction at a sale price of $4,000,000.
TGI Fridays is located at 209 Hale Road in Manchester, Connecticut. The Property was constructed in 1997 and is improved with a 7,732 square foot building on a 2.52-acre parcel of land. TGI Fridays signed a new 15-year lease at the Property in 2019. The absolute NNN lease currently has 14 years of term remaining plus eight, 5-year renewal options. Both the initial term and renewal terms include an attractive 1.5% annual rent increase. TGI Fridays is situated along Hale Road one of two primary entrances to the Shoppes at Buckland Hills (139+ stores, 1.18 million SF), and several other large-scale shopping centers. TGI Fridays enjoys outstanding visibility and two points of entry along Hale Road and Slater Road. TGI Fridays shares its entrance with a Courtyard by Marriot (86 rooms) and a Residence Inn by Marriot (96 rooms) and is adjacent to two luxury apartment complexes with more than 1,050 apartments. The property is less than one mile from I-84, which has average daily traffic counts in excess of 122,500 vehicles per day.
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.