May 13, 2022 – Hobart Hare and Mark Brockwell of Horvath & Tremblay have successfully completed the sale of Chili’s in Ithaca, New York. Horvath & Tremblay exclusively represented the buyer to complete the transaction at a sale price of $2,200,000.
The Chili’s is located at 608 S Meadow Street in Ithaca, New York. The stand-alone building consists of 5,648 square feet and sits on 0.34 acres of land. Chili’s has been at this location since it was constructed in 2004 and recently extended their lease early demonstrating their commitment to the site and the market. Chili’s has 9+ years remaining on their Absolute NNN ground lease with three (3), 5-year renewal options. The ground lease features annual rent increases throughout the primary lease term and the renewal options. Chili’s is strategically positioned as an outparcel to a large regional shopping center anchored by a high-volume Tops grocery store, Home Goods and Barnes & Noble. The property is situated adjacent to the signalized intersection of S Meadow Street, the primary commercial corridor, and South Street. The area is home to countless national retailers driving traffic to the area including a Wegmans, Trader Joe’s, Walmart Supercenter and Lowe’s. The Property is positioned on the outskirts of downtown Ithaca in between both Cornell University and Ithaca College.
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.