August 3, 2023 – Michael Lombardi of Horvath & Tremblay has successfully completed the sale of Popeyes in Norwalk, Connecticut. Horvath & Tremblay exclusively represented the buyer to complete the transaction at a sale price of $2,550,458.
The Popeyes is located at 480 Westport Avenue in Norwalk, Connecticut. The stand-alone building consists of 3,350 square feet and sits on 0.60-acres of land. Popeyes has 19 years remaining on their Absolute NNN lease with four (4), 5-year renewal options. The building recently underwent a full remodel that includes high quality materials and state-of-the-art QSR features. The lease calls for attractive 10% rent increases every 5-years throughout the primary lease term and at the start of each renewal option. The property is strategically located along Westport Avenue (US Route 1), the area’s primary commercial and commuter corridor. The newly renovated property benefits from outstanding visibility and frontage along US Route 1 and benefits from traffic counts in excess of 19,500 vehicles per day. The property sits in the heart of a dense retail corridor and is surrounded by national retailers driving traffic to the area. Additionally, the Property is 0.5-miles from Norwalk High School and 2-miles from the Westport Train Station.
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.