October 14, 2021 – Matt Nadler of Horvath & Tremblay has successfully completed the sale of KFC in Erie, Pennsylvania. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $1,250,000.
KFC is located at 2656 W 12th Street in Erie, Pennsylvania. The stand-alone single tenant building consists of 2,392 square feet and sits on a 1.01-acre parcel with a drive thru. KFC has a long operating history at the location and signed a new, 20-year lease at the Property in 2011. The absolute triple-net lease currently has 10+ years of term remaining plus two renewal options (one, 5-year and one, 4-year-11 month). The lease includes an attractive 10% rent increase every 5 years and at the start of each option period. The KFC lease is guaranteed by Morgan’s Foods which operates approximately 100 locations in six (6) states. The Property is located along W 12th Street (PA Route 5), one of the primary roadways in Downtown Erie with solid traffic counts and within walking distance to numerous housing and employers. The Property is also 1-mile from the terminus of Interstate 79, 2-miles from the Erie International Airport and less than 3.5 miles from Erie Station on Amtrack’s Lake Shore Limited line, connecting Boston, New York City and Buffalo to the east with Cleveland and Chicago to the west.
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.