January 19, 2024 – Matt Nadler and Aaron Huntley of Horvath & Tremblay have successfully completed the sale of the Wendy’s Retail Center in Vernon, Connecticut. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $2,870,000.
The Wendy’s Retail Center is located at 129-145 Talcottville Road in Vernon, Connecticut. The Property consists of a free-standing 2,584 square foot Wendy’s, and a two-unit 3,232 square foot building leased to Verizon and Poke Sushi. The center is also improved by a Tesla charging station. Wendy’s has 15+ years remaining on their Absolute NNN Ground Lease (corporate guaranty) with two (2), 5-year renewal options. Verizon has 6+ years remaining on their lease with two (2), 5-year renewal options, Poke Sushi has a new 10-year lease with one (1), 5-year renewal option, and Tesla has 9+ years remaining on their lease with one (1), 5-year renewal option. All of the leases feature attractive rent increases throughout their primary lease terms and at the start of each renewal option. The Wendy’s Retail Center offers investors a stable, internet-resistant rent roll with the majority of the gross revenue derived from national or regional tenants. The Wendy’s Retail Center is situated on a 2.24-acre parcel at the signalized intersection along Talcottville Road (CT Route 83), the area’s primary commercial and commuter corridor. The Property enjoys outstanding frontage, visibility, access and signage, and benefits from strong traffic counts. The Property is well located just off Interstate 84 (0.5-miles) and is surrounded by several grocery anchored retail centers and national retailers that drive traffic to the area as well as densely populated residential neighborhoods providing a built-in customer base.
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.