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August 4, 2020 Comments Off on Net-Leased Wendy’s Trades at 3.75% Cap Rate on LI Views: 777 Long Island, New York News, Tri-State Area New York

Net-Leased Wendy’s Trades at 3.75% Cap Rate on LI

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Marcus & Millichap finalized the sale of a net-leased Wendy’s at 1728 Merrick Road, in the Nassau County community of Merrick, NY. The property sold for $2,100,000. 

The transaction was brokered by Michael Tuccillo and Matthew Klang of the firm’s Manhattan office. The duo procured the buyer and seller, both of whom are private investors.

Regarding the transaction, the team said, “Our competitive bidding process yielded close to a dozen written offers in the first few weeks of marketing.” They added that “the going-in 3.57% cap rate is extremely aggressive but justified given the high-quality asset and its position within a highly sought-after submarket.” The property is on a 14-year lease, with the opportunity for rental increases every five years. 

The Wendy’s spans 2,431 square feet on a 0.6-acre lot. It’s surrounded by other synergistic national retailers, including Trader Joe’s, AT&T and 7-Eleven.

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