Ariel Property Advisors Brokers $6.6M Sale of NNN-Leased Retail Property in the Bronx

NEW YORK CITY — Ariel Property Advisors has arranged the sale of an investment retail property located at 2703 E. Tremont Ave. in the Westchester Square neighborhood of the Bronx. An affiliate of Rockfarmer Properties acquired the property, which is triple-net leased to Wendy’s, for $6.6 million. The 16,825-square-foot lot features a 2,772-square-foot restaurant, which is leased until 2035, and a 21-space parking lot. The lot offers future development potential as R6/C1-2 zoning allowing 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. Scot Hirschfield, Jason Gold, Michael Tortorici, Victor Sozio and Marko Agbaba of Ariel Property Advisors represented the seller, a private investor, and procured the buyer in the transaction.