NEW YORK, NY – March 31, 2016 – Ariel Property Advisors has closed the sale of 2703 East Tremont Avenue, a Wendy’s triple net leased investment property with future development potential in the Westchester Square neighborhood of The Bronx. The property sold for $6.675 million, which roughly translates to an impressive 4.94% capitalization rate.

Exclusive Agents Scot Hirschfield, Jason M. Gold, Michael A. Tortorici, Victor Sozio and Marko Agbaba represented the owner, a private investor, and procured the buyer, an affiliate of Rockfarmer Properties, an active New York City real estate investment group led by John Petras and George Michelis.

2703 East Tremont Avenue is a 16,825 square foot lot improved by a 2,772 square foot Wendy’s restaurant and a 21-space parking lot, leased to an experienced operator until 2035. The restaurant has seen significant revenue growth since its recent participation in a nationwide corporate modernization program and from an influx of local medical establishments that have emerged in the area.

“This transaction is a testament to both the growing strength of Bronx commercial real estate market and the borough’s newfound ability to attract premier New York real estate investment companies like Rockfarmer Properties,” said Scot Hirschfield, Vice President at Ariel Property Advisors.

Further, the buyer will benefit from future development potential as R6/C1-2 zoning provides 50,475 buildable square feet, as-of-right, for a mixed-use structure and more than 80,000 buildable square feet by including a community facility. 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.