Falls Church, VA — Horvath & Tremblay has completed the sale of five retail properties for $15,843,846.
Kyle Danielson of Horvath & Tremblay has successfully completed the sale of the Wells Fargo ground lease in Falls Church. Horvath & Tremblay represented the seller to complete the transaction at a sale price of $3,300,000, a 4.57% Cap Rate. Wells Fargo is located at 1000 W BRd. St. in Falls Church.
Rob DiFranco and Mike Lombardi of Horvath & Tremblay have facilitated the sale of McDonald’s in Linden, NJ. Horvath & Tremblay represented the seller to complete the transaction at a sale price of $3,125,000, a 3.84% cap rate. McDonald’s is located at 107 West Edgar Rd. in Linden, NJ. McDonald’s signed a new 20-year lease for the property that commenced in 2016. The absolute NNN ground lease has 15+ years of term remaining plus four, 5-year renewal options. The lease calls for 8% rent increases every five years throughout the base term and 10% rent increases in the renewal options.
Horvath & Tremblay’s Kyle Danielson and Justin Spillane have successfully completed the sale of a Starbucks in Fredericksburg, Virginia. Horvath & Tremblay exclusively represented the seller and procured the buyer in this transaction at a sale price of $1,775,000. Starbucks is located at 5811 Plank Rd. in Fredericksburg, Virginia. The property was constructed in 2007 and consists of a 1,863 s/f building with a dedicated drive through lane and an outdoor patio area on a 0.67-acre parcel. Starbucks originally signed a 20-year ground lease with four, five-year renewal options with rent increases of 10% every five years throughout the base term and option periods. The next rent increase is scheduled for 11/1/2022. Starbucks is situated on a pad site within Harrison Crossing
Danielson also completed the sale of a Wells Fargo (Condominium Interest) in Largo, MD. Horvath & Tremblay represented the seller to complete the transaction at a sale price of $3,990,000, a 5.63% Cap Rate. Wells Fargo is located at 9800 Apollo Dr. in Largo, MD. The retail branch consists of a 3,876 s/f building with four dedicated drive through lanes and a drive-up ATM lane on a corner parcel.
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