HAMBURG, NY – [July 3, 2023] – Blue West Capital has completed the sale of a Pep Boys property located at 5071 Southwestern Boulevard, Hamburg, NY for $1,086,800. The all-cash transaction closed in 11 days. Josh Lorenzen, of Blue West Capital, represented the buyer, a New Jersey-based high-net-worth 1031 exchange investor. The seller was a New York-based high-net-worth individual.
This 4,250 square foot Pep Boys property benefits from excellent visibility along Southwestern Boulevard and Camp Road seeing over 54,000 vehicles per day. The property has access points on both Southwestern Boulevard and Camp Road. It has operated as an autobody shop for 40 years and has been a Pep Boys for over 6 years. Pep Boys showed commitment to the location by exercising their first renewal option in 2022. The rent is below market for the trade area allowing for future upside. The property also includes a Verizon Cell Tower which provides additional income.
The property is located just north of the 11th most visited Walmart in New York, according to Placer.ai. There are several new developments in the nearby trade area including a 155-acre residential development directly across the street from Pep Boys as well as an 800,000 square foot warehouse complex less than a mile from the property.
The buyer approached us with a strict timeline of needing to identify a replacement property within three weeks in order to fulfill their exchange. We quickly sourced and reviewed over 55 single tenant net lease properties that met their acquisition criteria. We eventually focused on the Pep Boys property and secured a quick all-cash transaction that closed in eleven days. This transaction is a testament to our ability to operate under a short timeline in order to meet the client’s needs.Josh Lorenzen, Associate
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