Monaca, and Greensburg PA — Bob Horvath, Todd Tremblay, Brian Ahrens and Mark Brockwell of Horvath & Tremblay have completed the sale of Wendy’s in Monaca, and Dollar Bank in Greensburg for combined sales of $4.1 million.
Wendy’s fully occupies a 2,568 s/f retail building located along Golfview Dr., a major retail corridor in Monaca. The property is ideally situated with easy access to heavily traveled Rte. 18 with high traffic volume in excess of 19,875 vehicles per day. Located directly across the street from the property is the Beaver Valley Mall, a 1.15 million s/f regional mall servicing the regional area. Additional tenants located along Rte. 18 include: Walmart Supercenter, Target, Lowe’s, Kohl’s, Marshalls, Ross and PetSmart. Located directly adjacent to the property are Mattress Firm, Advance Auto Parts and Dollar Tree. This Wendy’s location is operated by a 30+ unit franchise operator and has a 40-year operating history at this location. As a commitment to this location Wendy’s underwent an Image Activation in 2014 to upgrade to a sleeker, more contemporary image to enhance customer experience. Wendy’s has over 18 remaining on the base term of the triple net lease with one, 5-year option, one, 4-year option and one, 6-year option. Bob Horvath, Todd Tremblay and Brian Ahrens procured the 1031 exchange buyer to close the property at a sale price of $1.7 million, a 5.67% cap rate.
Dollar Bank in Greensburg closed at a sale price of $2.4 million, a 6.14% cap rate. Bob Horvath, Todd Tremblay and Mark Brockwell represented the seller and procured the buyer to complete the sale. Dollar Bank signed a 20-year ground lease in July 2004 which includes ten year option and annual rental escalations throughout the base term and option period. This Dollar Bank location is located as an out parcel to the Westmoreland Mall, a 1,283,597 s/f, two level, enclosed shopping mall.
Westmoreland Crossing is located behind the mall and includes the following anchor tenants: Carmike Cinemas, Dicks Sporting Goods, Michaels, & TJ Max. Due to the banks strategic location this branch has exhibited strong branch deposits in excess of $77 million. Dollar Bank has great visibility along Pennsylvania Rte. 30, the primary retail corridor and local Rte. traveling in the southern part of the state.