Horvath & Tremblay sells three retail properties for $10.7M

Mid-Atlantic — Horvath & Tremblay has completed the sale of three Mid-Atlantic retail properties for $10,667,643.

Kyle Danielson, Austin Smith and Michael Lombardi of Horvath & Tremblay have successfully completed the sale of Wawa in Berlin, NJ. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $5,243,446. Wawa is located at 195 W White Horse Pike. Wawa has occupied this location since its construction in 2010 and recently extended their lease demonstrating their commitment to the site and the market. Wawa has 16+ years remaining on their Absolute NNN Ground Lease with four, five-year renewal options. The lease calls for attractive rent increases every five years throughout the primary lease term and at the start of each of the five-year renewal options. Wawa is well located at the signalized intersection of S Franklin Ave. and W White Horse Pike (US Rte. 30), one of the area’s primary commercial and commuter corridors. W White Horse Pike provides direct access to I-295 and Downtown Philadelphia. The property is surrounded by densely populated residential neighborhoods and is close to area schools, providing a built-in customer base. The Property also offers convenient access to area retailers and restaurants which drives traffic to the area. Berlin is a suburb of Philadelphia, located 16-miles southeast of the city.

Horvath & Tremblay’s Kyle Danielson also facilitated the sale of Sheetz in Fairlawn, VA. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $3,024,197. Sheetz is located at 7335 Lee Highway. Sheetz Gas Station and Convenience Store was constructed in 2004. In 2020 Sheetz renovated the premises and executed a new 15-year Absolute NNN Ground Lease with three, five-year renewal options, demonstrating their commitment to the site and the market. The lease calls for 10% rent increases at the start of all three of the five-year renewal options. Sheetz is well located at the signalized intersection of Lee Highway (US Highway 11) and Peppers Ferry Rd. NW (VA Rte. 114), the area’s primary commercial and commuter corridors. The Property is an outparcel to the Shoppes at Fairlawn, which is anchored by Anytime Fitness, Omni Place (an upscale Event Venue), and First Bank and Trust Company, and enjoys outstanding frontage, visibility, and access. Sheetz is also just seconds from Walmart Supercenter, Lowe’s and Kroger, the area’s primary shopping destinations which drive traffic to the area. Sheetz is located across the New River from Radford, which offers densely populated residential neighborhoods and Radford University, both of which provide a captive customer base.

Kyle Danielson, Austin Smith and Ryan O’Rourke of Horvath & Tremblay have completed the sale of a Wendy’s in Edgewood, MD. Horvath & Tremblay exclusively represented the seller and sourced the buyer to complete the transaction at a sale price of $2,400,000. Wendy’s is located at 1950 Pulaski Highway. Wendy’s has been at this location since 2007, and in 2021 the location was transferred to Wend Baltimore North, LLC, a wholly owned subsidiary of Flynn Restaurant Group. Wend Baltimore North, LLC structured a new 21-year lease, demonstrating their commitment to the site and the market. Wendy’s has 17+ years remaining on their absolute triple-net lease with one, five-year renewal option. The lease calls for attractive 1.25% annual rent increases throughout the base term and renewal option. Wendy’s is situated in an excellent location along Pulaski Highway (US Highway 40), the area’s primary commercial and commuter corridor. The property enjoys outstanding frontage and visibility at a signalized intersection and is surrounded by local and national retailers that drive traffic to the area as well as densely developed residential neighborhoods that provide a built-in customer base. The property enjoys convenient access to I-95, MD Rte. 24, the Edgewood Train Station (service on the MARC), and the city’s municipal offices, several industrial parks, and area schools.

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.