MID ATLANTIC — Horvath & Tremblay has completed the sale of three Mid-Atlantic retail properties for $9,195,842.
Kyle Danielson and Austin Smith of Horvath & Tremblay have successfully completed the sale of the Chipotle & McAlister’s Deli in Fredericksburg, VA. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $4,408,842. The property is located at 5621 Plank Rd. (Ste. 100) in Fredericksburg, VA.
The build-to-suit, two-tenant plaza is improved with Chipotle and McAlister’s Deli and contains 5,781 s/f on a 1.01-acre parcel. The property was completed in 2023, Chipotle benefits from a modern design with outdoor seating and a Chipotlane (drive-thru) and has 14+ years remaining on their lease with four, five-year renewal options. Their lease features attractive 10% rent increases every five years throughout the base term and at the start of each option period.
McAlister’s Deli has 9+ years remaining on their lease with two, five-year options. Their lease features attractive 10% increases every five years throughout the base term and at the start of each option period. The property is shadow anchored by Harrison Crossing, a Home Depot and Giant Foods anchored Shopping Center. The property is seconds from the signalized intersection of Plank Rd. (VA Rte. 3) and Harrison Rd. The location is part of an exceptional trade area centered around the Plank Rd. (VA Rte. 3) junction with I-95. Plank Rd. is home to numerous national tenants and retail centers, including Central Park, one of the largest open-air malls on the East Coast with more than 255 stores and services and the Spotsylvania Towne Centre mall, which has more than 150 stores. This shopping destination draws significant traffic to the area.
Horvath & Tremblay’s Danielson also facilitated the sale of an Arby’s in La Vale, MD. Horvath & Tremblay represented the buyer to complete the transaction at a sale price of $3,524,000. Arby’s is located at 1206 National Hwy. in La Vale, MD. Arby’s has a new 20-year Absolute NNN Lease with two, five-year renewal options.
The lease features attractive 7% rent increases every five years throughout the primary lease term and at the start of each renewal option. The location is operated by KBP Inspired, LLC, a wholly-owned subsidiary of KBP Brands.
The property is adjacent to a CVS at the signalized intersection of Campground Rd. and National Highway, the area’s primary commercial and commuter corridor, and is seconds from I-68. The property benefits from outstanding visibility and frontage and is surrounded by national retailers that drive traffic to the area.
Kyle Danielson and Jason Woods of Horvath & Tremblay have completed the sale of an AutoZone in Newark, Delaware. 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, five-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 located at the signalized intersection of Biddle Ave. and Pulaski Hwy.