Mid-Atlantic — Horvath & Tremblay has completed the sale of two Mid-Atlantic retail properties for $3,439,656.
Kyle Danielson, Hill Kanellos and Austin Smith of Horvath & Tremblay have completed the sale of Firestone in Smyrna, DE. Horvath & Tremblay represented the buyer to complete the transaction at a sale price of $3,567,280, a 5.0% Cap Rate. Firestone is located at 15 S Cory Lane in Smyrna, DE. The new construction Firestone was completed in 2021 and contains 6,116 s/f building on a 0.83-acre parcel of land. Firestone has 13+ years remaining on their Absolute NNN Lease with five, 5-year renewal options. The lease features attractive 5% rent increases every five years throughout the primary lease term and at the start of each of the renewal options. The property enjoys an outstanding location along S Cory Lane with outstanding visibility and frontage along S Dupont Blvd. which sees more than 31,900 vehicles per day. The property is also just 0.25-miles from DE Highway 1, the area’s primary commuter corridor. The area has seen significant development over the last few years and is home to numerous national retailers including Food Lion, Aldi, Tractor
Supply Co, Walgreens, Starbucks and several nationally recognized quick serve restaurants, all of which drive traffic and customers to the area. The Property is also just 3-miles from a Walmart Distribution Center. Smyrna is located in north-central Delaware approximately 10-miles north of Dover.
Danielson has successfully completed the sale of a fee simple condominium interest in a Bank of America in Woodbridge, VA. Horvath & Tremblay represented the seller to complete the transaction at a sale price of $2,900,000. The Bank of America is located at 1701 Financial Loop in Woodbridge, VA.
The Bank of America retail branch consists of 5,145 s/f on the ground level (unit 1) of the building with five dedicated drive through lanes, and a drive-up ATM. The building also has a 4,649 s/f lower level that is currently vacant. Bank of America has been at this location since 2009 and executed a 10-year lease extension in 2015. Bank of America has 1+ years remaining on their lease with one, five-year renewal option.
The lease calls for annual increases based upon the annual change in the CPI. Bank of America is well positioned along Financial Loop, with outstanding visibility, frontage, and access from Old Bridge Rd. The location is part of an exceptional trade area located 1-mile from I[95 and VA Rte. 123 and is 1.75-miles from the Woodbridge Train Station and US Rte. 1, the area’s primary commercial corridor. Woodbridge is a bedroom community, located 20-miles south of Washington D.C. The Property benefits from numerous national tenants and retail centers drawing significant traffic to the area and has a significant residential base from which to draw.
Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges.
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