Virginia & Delaware — Horvath & Tremblay has completed the sale of three Mid-Atlantic retail properties for $16,402,605.
Kyle Danielson and Austin Smith of Horvath & Tremblay have successfully completed the sale of 7-Eleven in Virginia Beach. Horvath & Tremblay represented the seller to complete the transaction at a sale price of $8,722,278.
7-Eleven is located at 5790 Princess Anne Rd. in Virginia Beach. The new construction 7-Eleven features a state of-the-art convenience store with 10 fueling stations and a fuel island canopy. 7-Eleven has a new 15-year Absolute NNN Lease with four, five-year renewal options. The lease features attractive 10% rent increases every five-year throughout the primary lease term and at the start of each renewal option.
Hill Kanellos and Dennis Cravedi of Horvath & Tremblay have successfully completed the sale of a 7-Eleven in Fredericksburg. Horvath & Tremblay represented the buyer to complete the transaction at a sale price of $6,417,327. 7-Eleven is located at 5900 Harrison Rd. in Fredericksburg. The new construction 7-Eleven features a state-of-the-art convenience store with 20 fueling stations and a fuel island canopy. 7-Eleven has a new 15-year Absolute NNN Lease with four, 5-year renewal options. The lease features attractive 10% rent increases every five-year throughout the primary lease term and at the start of each renewal option. The property is well located at the signalized intersection of Harrison Rd. and Leavells Rd., two of the area’s primary commercial and commuter corridors. The property benefits from outstanding visibility and frontage with two points of access.
Kyle Danielson and Jason Woods of Horvath & Tremblay have successfully completed the sale of an AutoZone in Newark, DE. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $1,263,000. AutoZone is located at 2675 Pulaski Hwy. in Newark, Delaware. The new construction AutoZone has a 15-year Absolute NNN Ground Lease with four, 5-year renewal options. The lease features attractive 7.5% rent increases beginning in year 11 of the primary lease term and at the start of each renewal option. The property is part of LaGrange, a new construction retail development that is located at the signalized intersection of Biddle Ave. and Pulaski Hwy., the area’s primary commercial and commuter corridor. The property benefits from outstanding visibility and frontage and is surrounded by densely populated residential neighborhoods providing a built-in customer base. AutoZone is seconds from the Home Depot and Safeway anchored People’s Plaza, and is 3.5-miles from I-95.