Horvath & Tremblay sells TGI Fridays in Homestead, PA and CVS in Raleigh, NC for $8.87 million
Homestead, PA & Raleigh, NC — Bob Horvath, Todd Tremblay, Brian Ahrens and Kyle Danielson of Horvath & Tremblay have successfully completed the sale of TGI Fridays in Homestead, PA and CVS in Raleigh, NC for combined 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 experiences traffic counts in excess of 45,000 vehicles per day and is located in a dense commercial and residential area of Homestead. TGI Friday’s benefits from its location near the Waterfront Shopping Center 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 renovations totaling $500,000 and renewed the lease for an additional 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 million, 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 directly 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 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.