Kyle Danielson and Hill Kanellos orchestrate transactions
MARYLAND — Horvath & Tremblay has completed the sale of two Maryland retail properties for $3,439,656.
Kyle Danielson of Horvath & Tremblay has successfully completed the sale of 7-Eleven in Baltimore. Horvath & Tremblay represented the seller to complete the transaction at a sale price of $1.75 million, a 4.0% Cap Rate. 7-Eleven is located at 3360 Annapolis Rd. (MD Route 648) in Baltimore. 7-Eleven has 14+ years remaining on an Absolute NNN Ground Lease with three, 5-year renewal options. The lease features attractive 10% rent increase every five years throughout the base term and at the start of each renewal option. This property was redeveloped in 2022 and 7-Eleven has a 2,920 s/f convenience store and eight fueling stations.
The Property benefits from outstanding frontage and visibility and is situated on a corner lot at the intersection of Annapolis Rd. (MD Route 648) and W Patapsco Ave. The property is also located along the Baltimore municipal bus line with a stop in front of the property. The property is well located at the signalized intersection of W Patapsco Ave. and Annapolis Rd. (MD Route 648), two of the area’s primary commercial and commuter corridors. The property is situated in a densely populated mixed-use neighborhood and is surrounded by retailers, businesses, schools, and high-density residential neighborhoods driving traffic to the area. 7-Eleven also benefits from its proximity to several major highways and State Routes, providing convenient access for area residents and commuters.
Danielson and Hill Kanellos of Horvath & Tremblay have successfully completed the sale of Dollar General in Flintstone. Horvath & Tremblay procured the buyer to complete the transaction at a sale price of $1,689,656.
Dollar General is located at 21701 Flintstone Drive NE in Flintstone. This is a new construction Dollar General that was completed in Q1 2023. The property consists of a 10,640 s/f stand-alone building on a 1.85-acre parcel of land. Dollar General has a new 15-year corporate guaranteed Absolute Net lease followed by five, 5-Year renewal options. The lease calls for a 10% increase at the start of each renewal option. Dollar General is strategically located on Flintstone Dr. NE and is positioned seconds from the I-68 via exit 56. There are extremely limited commercial shopping options in and around Flintstone, Dollar General is able to service the town which is not currently served by a big box retailer or grocery store. Additionally, the Property is 6-miles from the Rocky Gap Casino Resort, the area’s primary draw. Constructed in 2013, the Resort features a 200-room hotel and casino with a Jack Nicklaus Signature Golf Course.
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. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.