December 31, 2020 – Jeremy Black of Horvath & Tremblay has successfully completed the sale of KFC in Gates (Rochester), New York. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $2,892,588, a 5.75% Cap Rate.
KFC is located at 1345 Chili Avenue in Gates (Rochester), New York. The stand-alone single tenant building consists of 3,094 square feet and sits on a 0.95-acre parcel with a drive thru. KFC signed a new, 20-year, lease at the Property in 2012. The triple-net lease currently has 12+ years of term remaining plus four, 5-year renewal options. Both the initial term and renewal terms include an attractive 1.75% annual rent increase. KFC is situated along Chili Avenue (NY 33A) the areas primary retail and commercial thoroughfare. KFC enjoys outstanding visibility and multiple points of entry at the heavily trafficked, signalized intersection of Chili Avenue and Hinchey Road. The property is located across the street from the I-390 on/off ramp, and is just seconds from the Greater Rochester International Airport. The area is also home to the Wegmans Market Street Campus, which houses their Corporate Offices, Fresh Foods and Meats Division, Culinary Innovations Center and their Food Distribution Facility.
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.