Recent deals include Wawa, DMV & Sleep Number
Newton, NJ — Horvath & Tremblay has announced the completion of multiple high-profile retail property transactions, collectively valued at over $14 million.
Michael Lombardi of Horvath & Tremblay has completed the sale of a new construction Panera Bread and Sleep Number location in Burlington, NJ. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $4,980,834.
The new construction two-tenant building, located at 2501 Mount Holly Rd. (Lot 1A) in Burlington, is a pad site within The Shops at the Crossings, an under construction 40-acre mixed-use development that, once completed, will consist of single tenant retailers and restaurants, multi-tenant retail buildings, large anchor tenants and a national hotel chain. The property is located on lot 1A and consists of a 6,700 s/f building. Both Panera Bread and Sleep Number have new 10 year leases with two, 5-year renewal options. Both leases call for attractive 10% rent increases in year six of the primary lease term and at the start of each renewal option. The Shops at the Crossings is well located along Mount Holly Rd., the area’s primary commercial and commuter corridor. The property is adjacent to The Crossings, a large industrial development anchored by Amazon that will feature three industrial/warehouse buildings and will contain 1.9 million s/f, and Towne Crossing Shopping Center, a 400,000+ s/f regional center anchored by HomeDepot, Target, Kohl’s, and Dick’s Sporting Goods.
Kyle Danielson and Austin Smith of Horvath & Tremblay have completed the sale of a new construction Wawa in Georgetown, DE. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $4,900,000. Wawa is located at 20938 Dupont Blvd. in Georgetown. The new construction stand-alone convenience store and gas station was completed in 2023. Wawa has 19 years remaining on an Absolute NNN Ground Lease with six, 5-year Options. The lease features attractive 10% rent increases every 5-years throughout the primary lease term and at the start of each of the six renewal option periods. The newly constructed Wawa is well positioned along Dupont Blvd., the area’s primary commercial and commuter corridor which sees more than 22,800 vehicles per day. Wawa enjoys outstanding visibility and frontage and has two points of entry and egress along two roads, allowing for excellent accessibility.
Hill Kanellos and Danielson of Horvath & Tremblay have completed the sale of a Department of Motor Vehicles (DMV) in Harrisonburg, Virginia. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $2,000,000. The Department of Motor Vehicles (DMV) is located at 3281 Peoples Dr. in Harrisonburg. The property consists of a well-constructed and meticulously maintained office/professional building on 2.22 acres of land. The freestanding, 8,528 s/f building is 100% leased by the Commonwealth of Virginia, Department of General Services and serves as a location for the DMV. They recently signed a brand-new, 10-year lease that is followed by ongoing, automatic 1-year renewal options. The lease features 2.00% annual rent increases throughout the base term and renewals. The DMV is operating under a modified gross lease, wherein they are responsible for Utilities, Common Area Maintenance, and Snow Removal. The property is well located on Peoples Drive, 1,000 feet off US Rte. 11, one of the primary commercial corridors running through Harrisonburg. Rte. 11 also serves as the primary auto corridor in the area, with many dealerships, rental agencies, repair centers and auto parts stores, offering excellent synergy with the Department of Motor Vehicles. The DMV is also in proximity to a number of area schools, including James Madison University, which is just three miles from the property and has over 22,000 undergraduate and postgraduate students.
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