Bob Horvath, vice president of investments and Todd Tremblay, vice president of investments, investment associate of Marcus & Millichap Real Estate Investment Services, have brokered the transaction of Wendy's in Bloomfield and Wendy's in Windsor Locks, Conn.
Wendy's, located in Bloomfield, closed at a sale price of $2,166,666, a 5.25% cap rate. Wendy's signed a new 20-year triple net lease at the close of escrow, which includes (4) five year options. Rental escalations of 6% are scheduled every five years throughout the base term and option periods. This Wendy's location is slated to undergo a new "image activation" remodel this year. Wendy's is located off of heavily traveled Highway 218, at the hard corner, signalized intersection of Cottage Grove Rd. and School St. Wendy's is located across the street from Burger King and Home Depot. Located down the street is the Copaco Center, a 433,355 s/f shopping center anchored by Lowe's, Stop & Shop, and Burlington Coat Factory. Additional retail tenants in the center include: CVS, McDonald's, Dollar Tree, IHOP, Dunkin' Donuts, Webster Bank and GameStop. Horvath and Tremblay represented the buyer, Chevelle Realty Trust.
The Windsor Locks Wendy's closed at a sale price of $2,166,666, a 5.25% cap rate. Wendy's signed a new 20-year triple net lease at the close of escrow, which includes (4) five year options. Rental escalations of 6% are scheduled every five years throughout the base term and option periods. Located southeast of Bradley International Airport, the property benefits from it's location on Ella Grasso Tpke. (Rte. 75), one of the main corridors traveling to the airport. Wendy's is located on an out-parcel to Fairfield Inn. Additional retail tenants in the area include: Ruby Tuesday's, Dunkin' Donuts, Burger King, Shell, Taco Bell, and Friendly's. There are also seven hotels located along this stretch of Rte. 75 including: Days Inn, EconoLodge, La Quinta, Double Tree by Hilton, Homewood Suites, Motel 6 and the Ramada. Horvath and Tremblay represented the buyer, Chevelle Realty Trust.
With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.