Virginia — Horvath & Tremblay has completed the sale of four Virginia retail properties for $34,147,200.
Kyle Danielson and Jason Woods of Horvath & Tremblay have completed the sale of a BJ’s Wholesale Club in Gainesville. Horvath & Tremblay represented the buyer to complete the transaction at a sale price of $20,500,000. BJ’s Wholesale Club is located at 5100 Wellington Rd. in Gainesville. The property was a build-to-suit for BJ’s Wholesale Club and is improved with a 76,267 s/f building and an on-site gas station on 11.6-acres of land with outstanding visibility and frontage. BJ’s Wholesale Club has been at this location since 2012 and has 9+ years remaining on their lease with four, five-year renewal options. The tenant’s rent includes attractive rent increases every five years throughout the primary term and renewal options.
Danielson also facilitated the sale of the Southern States Cooperative in Richmond (Midlothian). Horvath & Tremblay represented the seller to complete the transaction at a sale price of $5,000,000. Southern States Cooperative is located at 1200 Alverser Dr. in Richmond. The property was a build-to-suit for Southern States Cooperative and is improved with a 25,000 s/f building and a large outdoor garden center on 2.96 acres of land with outstanding visibility and more than 500 feet of frontage along Alverser Dr. Southern States Cooperative has been at this location since 1988 (more than 33 years) and has 5+ years remaining on their lease with one, 10-year renewal option. The tenant’s rent includes 10% increases every five years throughout the primary term and renewal option.
Brendan Conway and Danielson of Horvath & Tremblay have successfully completed the sale of a Wawa in Seaford, DE. Horvath & Tremblay represented the buyer to complete the transaction at a sale price of $5,494,595. Wawa is located at 22929 Sussex Highway in Seaford, DE. The stand-alone convenience store and gas station is was completed in 2021 and consists of a 5,512 s/f convenience store and a gas station on a 1.84-acre parcel. Wawa has 19 years remaining on a corporately backed, ground lease (Absolute NNN) with six, 5-Year Options. The lease features attractive 10% rent increases every 5-years throughout the primary lease term and at the start of each of the six renewal option periods. The newly constructed Wawa is well positioned along U.S. Route 13/Sussex Highway, the area’s primary commercial corridor which sees more than 24,029 vehicles per day. Wawa has several points of access along two roads, allowing for excellent accessibility. Seaford is a city located along the Nanticoke River just 30 miles from the eastern coastline of the Sussex County which is home to the states most popular beach destinations. Headlined by Lewes, Dewey Beach, Rehoboth Beach, and Bethany Beach the area sees an average of 10 million visitors each year and drives the tourism industry within the state. There has been a strong influx of new residents to this area due to a variety of reasons including, Delaware’s favorable tax structure, the historic beaches, and both retirees and new families seeking an active lifestyle.
Zach Smith and Danielson of Horvath & Tremblay have successfully completed the sale of a CVS in Richmond, Virginia. Horvath & Tremblay represented the buyer to complete the transaction at a sale price of $3,152,605. CVS is located at 7590 Staples Mill Rd. in Richmond, VA. The stand-alone building consists of 10,188 s/f on a 1.30-acre corner parcel of land. CVS has occupied this location since its construction in 1999 and has 5+ years remaining on their Absolute NNN Lease with nine, 5-year renewal options. The property is extremely well located at the signalized intersection of Bremmer Rd. and Staples Mill Rd. (US Route 33), the area’s primary commercial and commuter corridor. CVS benefits from outstanding frontage, visibility and access and is across the street from the Richmond Staples Mill Train Station.
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