4A —October 13 - 26, 2017 — M id A tlantic
Real Estate Journal
www.marejournal.com
M id A tlantic R eal E state J ournal Horvath, Tremblay, Ahrens and Danielson orchestrate sale
Horvath&Tremblay sells Tgi Fridays inHomestead, PA and Cvs in Raleigh, NC for $8.87 million H omestead, PA & Raleigh, NC — Bob Horvath, Todd
of Homestead. TGI Friday’s benefits from its location near the Waterfront Shopping Cen- ter a 1.3 million s/f open aired shopping center. Situated on the Monongahela River, the center is home to a vibrant collection of store, restaurants, hotels, and community events. As a sign of commitment to this location, TGI Fridays recently underwent extensive renova- tions totaling $500,000 and renewed the lease for an addi- tional 15 years which includes scheduled rental escalations in the primary term and option periods. Bob Horvath, Todd Tremblay and Kyle Danielson procured the buyer to close the property at a sale price of $4.65 million. CVS in Raleigh, NC closed at a sale price of $4.225 mil- lion, a 4.5% cap rate. Brian Ahrens, Bob Horvath and Todd Tremblay procured the 1031 exchange buyer to complete his exchange requirement. CVS Pharmacy will occupy a newly constructed, 11,945 s/f property situated on a 1.6 acre parcel located at Lake Boone Trail at Landmark Dr. CVS will operate under a new corporate guaranteed 20-year lease with four, five year options and 5% rental escalations in the option periods. The property is located on a hard corner with great visibility within an area that is currently undergoing extensive redevelopment. This CVS is an outparcel to a new 245-unit multi-family and retail mixed- use development. Located di- rectly adjacent to the property is the Rex Healthcare Hospital. The 665-bed hospital is one of Raleigh’s largest employers with over 1,100 physicians who treat over 34,000 inpatients each year. Also located in close proximity to CVS are Food Lion, Chick-fil-A, McDonald’s and Starbucks. Horvath & Tremblay is one of the most active and success- ful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net- lease assets and retail shop- ping centers. They have expe- rience successfully structur- ing sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Trem- blay is dedicated to being the best source of information and expertise in the marketplace for private investors, develop- ers, institutions, and industry professionals. n
Tremblay, Brian Ahrens and Kyle Danielson of Horvath & Tremblay have success- fully completed the sale of TGI Fridays in Homestead, PA and CVS in Raleigh, NC for com- bined sales of $8.875 million. TGI Friday’s occupies a free standing, 8,242 s/f building located along Waterfront Dr., just east of Homestead Grey’s Bridge. The property experi- ences traffic counts in excess of 45,000 vehicles per day and is located in a dense com- mercial and residential area
Bob Horvath Todd Tremblay
Brian Ahrens Kyle Danielson
TGI Fridays in Homestead, PA
Bid Nov. 2 nd THRU Nov. 8 th AUCTION
ONLINE ONLY REAL ESTATE
Only $100,000 Starting Bid!
13,879± SF, 2 Unit Retail Complex Property Location: 110 Fi h Street, SALEM, NJ 08079
• Pro Forma NOI - $58,011/ 2017 - 10 CAP • Assessed Value: $556,400 Taxes: $19,320.99 / 2017 • 7,769± SF – Leased to Family Dollar • 1.47± Acres, Parking for 75 vehicles
• Minimal Landscape and Maintainence Required • Water, Sewer, Gas, Electric
INSPECTION: Begins: Nov. 5 th at 12 - 2 PM
ALL bidding will be ONLINE ONLY at WarnerRealtors.com
856.769.4111 WarnerRealtors.com
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