Mid-Atlantic — Horvath & Tremblay has completed the sale of three Mid-Atlantic retail properties for $5,711,111.
Kyle Danielson of Horvath & Tremblay has successfully completed the sale of Heartland Dental in Fairfax, VA. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $2,650,000.
Heartland Dental is located at 13045 Lee Jackson Memorial Hwy. in Fairfax, VA. Heartland Dental was constructed in 2002 and has 8 years remaining on their double net lease with four, 5-year renewal options. The Lease calls for 10% increases every five years throughout the primary term and at the start of each of their renewal options. The 2,638 s/f building is situated on a 0.93-acre parcel and features an attractive architectural design. The property is a pad site within the Greenbriar Town Center, anchored by Giant, CVS, and Marshalls. Located along Lee Jackson Memorial Hwy., the area’s primary commercial corridor, the property is surrounded by national retailers and restaurants that drive traffic to the area and is also convenient to several densely populated residential neighborhoods providing a built-in customer base. Heartland Dental is 2.5-miles from I-66 and is minutes from a large office and industrial corridor positioned just north of Dulles International Airport.
Austin Smith of Horvath & Tremblay has successfully completed the sale of Dollar General in Wilmington, DE.
Horvath & Tremblay represented the seller to complete the transaction at a sale price of $1,950,000. Dollar General is located at 1900 N Market St. in Wilmington, DE. Dollar General commenced a 15-year Absolute Net Lease in 2015 that has 6+ years of term remaining followed by five, 5-year renewal options. The lease features 10% rent increases at the start of each renewal option. The property is positioned at the signalized intersection of E 19th St. and US Hwy. 13 BUS, one of the area’s primary commercial and commuter corridors traversing Wilmington. Dollar General benefits from excellent visibility and frontage in a densely populated neighborhood just northeast of the city center. The property is easily accessible from the area’s primary roadways including I-95 and 495, US Hwy. 13, and DE Rtes. 3, 4, 9, and 202. More than half of all Fortune 500 companies call Wilmington their corporate home.
Kyle Danielson and Jason Woods of Horvath & Tremblay have successfully completed the sale of an AutoZone in Nottingham, MD. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $1,111,111. AutoZone is located at 8601 Belair Rd. in Nottingham, MD. The new construction AutoZone is positioned on a 0.90-acre parcel and has 19+ years remaining on their Absolute NNN Ground Lease with four, 5-year renewal options. The Absolute NNN Ground Lease calls for an attractive 8% rent increase in years eight and sixteen of the primary lease term and at the start of each of the renewal options providing the investor with an attractive increase in revenue and a hedge against inflation. The new construction AutoZone is located at the signalized intersection of Neckar Ave. and Belair Rd., the area’s primary commercial corridor. The property benefits from outstanding visibility and frontage and is surrounded by densely populated residential neighborhoods providing a built-in customer base.