Brokers from Ariel Property Advisors expects a Bronx triple net lease to move fast.
The company has been exclusively retained to sell 2703 East Tremont Avenue where the Wendy’s burger chain has a triple net lease in place til 2035.
“As infrastructure continues to expand in the area, we expect the business and the development opportunity to appreciate significantly,” said Scot Hirschfield, vice president at Ariel who is leading a marketing team that includes Jason M. Gold, Victor Sozio, Michael A. Tortorici and Marko Agbaba.
Located in Westchester Square, a commercial corridor in the southeast Bronx, the property consists of a 16,825 s/f lot occupied by a 2,772 s/f restaurant and 21 parking spots. The property has an asking price of $7,750,000.
“When you have a blue chip tenant and it’s a triple net lease, the long term lease is generally viewed upon pretty favorably,” Hirschfield said.
“One thing here you have the air rights. The air rights you can’t do anything with for at least twenty years. But there’s a good chance those air rights will become more valuable in the next twenty years than they are now.”
The restaurant has a lease in place until 2035 and has seen tremendous growth since being renovated as part of a nationwide corporate modernization initiative.
The property offers 50,475 buildable s/f which affords the option for future development. This particular site is also benefitting from the area’s emergence due to the influx of premier medical establishments.
The 6 train located at Westchester Avenue offers easy access to inner and outer borough locations.
Other commuting options are available via the six different major bus routes in the area, as well as via the Hutchinson River Parkway, located only 0.25 miles away.
Additionally, 2703 East Tremont Avenue is in close proximity to the planned Metro North stations in Parkchester and Morris Park.
