January 2023

2C — January 2023 — Owners, Developers & Managers — M id A tlantic Real Estate Journal


O wners , D evelopers & M anagers Austin Smith brokers sale of 7-Eleven in Suffolk, VA Horvath & Tremblay inks sale of 3 Virginia properties S UFFOLK, VA — Hor- vath & Tremblay has completed the sale of

WE MEAN BUSINESS! Hutchinson Helps Keep Your Business Running Smoothly And Efficiently.

$3.1 million 7-Eleven is located at 3879 Bridge Rd. (US Hwy. 17) in Suffolk. 7-Eleven has been at this location since 2009 (13 Years) and has 7+ years of term remaining on their lease with three additional five-year renewal options. The lease fea- tures a 10% rent increase every five years throughout the base term and at the start of each renewal option. The property benefits from a central location along Bridge Rd. (US Hwy. 17), one of the area’s primary high- ways running through Suffolk, Virginia. The Property is well located and enjoys a corner lot

at the intersection of Bridge Rd. and Windward Lane, allowing for convenient access from both directions of the highway. The property is located across the street from the Bridgeport, a premier community-centric mixed-use space consisting of 120,000 s/f of retail/office/ medical space on the 1st floor of each building and ass A apart- ment homes. Additionally, the property is 0.7-miles from the Sentara BelleHarbour Hospital and is less than 1.5-miles from I-664. The Property’s central location near the Monitor- Merrimac Memorial Bridge- Tunnel, Midtown Tunnel, and James River Bridge means the Property can be easily accessed from both the Peninsula and the Southside. Steve Schiavello, Patrick Gray, and Kyle Danielson of Horvath & Tremblay have successfully completed the sale of a Wawa in Fredericksburg. Horvath & Tremblay repre- sented the buyer to complete the transaction at a sale price of $5,400,000. Wawa is located at 1140 Carl D Silver Pkwy. in Fredericksburg. Wawa has been operating at the property since 1998 and just extended their lease for an additional 15-years, demonstrating their commitment to the site and the market. Wawa currently has 15+ years remaining on their Absolute NNN Ground Lease with four, five-year renewal options. The lease also calls for a7.5% rental increase in 2032 and at the start of each renewal option. The property is positioned with excellent ac- cess and visibility along Carl D. Silver Parkway (8,600 VPD), just feet from its signalized intersection with Plank Road (87,000 VPD) and a half-mile west of the on-ramp to Inter- state 95 (122,000 VPD). Wawa is immediately adjacent to Dollar Tree, Chipotle, Patient First Urgent Care, and Shane’s Rib Shack and is located within the highly recognized, master- planned retail complex known as Central Park. Central Park is the largest power center on the East Coast with a GLA of 2.5 million s/f. Horvath & Tremblay’s Kyle Danielson facilitated the sale of Mr. Tire in Fredericksburg, Virginia representing the seller to complete the transaction at a sale price of $1.975 million. Mr. Tire is located at 50 Sebring Dr. in Fredericksburg. MAREJ

three Vir- ginia retail properties for $10.475 mil- lion. Au s t i n Smi th of Horvath & Tremblay has successfully

Turn-key Design Build | Energy Efficiency Services | Planned Maintenance Contact us today to have one of our energy experts help you get started.

Austin Smith

© By Hutchinson. All rights reserved. Plumbing Lic #36B100504100. HVAC Lic #19HC00193700. HIC Lic #13VH09997600. 888-777-4501 • HUTCHBIZ.com Serving the Greater Tri-State Region, including South Jersey, Central Jersey, Philadelphia and its suburbs and Northern Delaware.

completed the sale of 7-Eleven in Suffolk. Horvath & Trem- blay represented the seller and procured the buyer to complete the transaction at a sale price of

Made with FlippingBook interactive PDF creator