October 10, 2019 – Peter Butler of Horvath & Tremblay has successfully completed the sale of a Hardee’s in Pekin, Illinois. Horvath & Tremblay represented the buyer to complete the transaction at a sale price of $1,550,000, a 5.81% cap rate.
Hardee’s is located at 105 North 5th Street in Pekin. Constructed in 1989, the stand-alone building consists of 3,200 square feet and sits on 0.87 acres of land. Hardee’s signed a new 20-year absolute triple net lease at closing. The lease features 10% rental increases every five-years. Hardee’s is well located, along a dense retail corridor with more than 28,000 vehicles per day and enjoys close proximity to several area schools (with more than 2,800 students). Additionally, the property is located within one mile of the UnityPoint Health-Pekin Hospital.
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.