January 2023

R etail D evelopment R eimagined

M id A tlantic Real Estate Journal — Retail Development Reimagined —January 2023 — 3A


Danielson and Woods brokers the sale of a BJ’s Wholesale Club in Gainesville, VA Horvath & Tremblay completes the sale of four Virginia retail properties for $34,147,200 V IRGINIA — Horvath

years throughout the primary term and renewal options. Danielson also facilitated the sale of the Southern States Co- operative in Richmond (Midlo- thian). Horvath & Tremblay represented the seller to com- plete the transaction at a sale price of $5,000,000. Southern States Cooperative is located at 1200 Alverser Dr. in Rich- mond. The property was a build-to-suit for Southern States Cooperative and is im- proved with a 25,000 s/f build- ing and a large outdoor garden center on 2.96 acres of land with outstanding visibility and more than 500 feet of frontage along Alverser Dr. Southern States Cooperative has been at this location since 1988 (more than 33 years) and has 5+ years remaining on their lease with one, 10-year renewal op- tion. The tenant’s rent includes 10% increases every five years throughout the primary term

and renewal option. Brendan Conway and Danielson of Horvath & Trem- blay have successfully com- pleted the sale of a Wawa in Seaford, DE. Horvath & Trem- blay represented the buyer to complete the transaction at a sale price of $5,494,595. Wawa is located at 22929 Sussex Highway in Seaford, DE. The stand-alone conve- nience store and gas station is was completed in 2021 and consists of a 5,512 s/f convenience store and a gas station on a 1.84-acre parcel. Wawa has 19 years remain- ing on a corporately backed, ground lease (Absolute NNN) 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 U.S.

Route 13/Sussex Highway, the area’s primary commercial corridor which sees more than 24,029 vehicles per day. Wawa has several points of access along two roads, allowing for excellent accessibility. Seaford is a city located along the Nanticoke River just 30 miles from the eastern coastline of the Sussex County which is home to the states most popular beach destinations. Headlined by Lewes, Dewey Beach, Rehoboth Beach, and Bethany Beach the area sees an average of 10 million visi- tors each year and drives the tourism industry within the state. There has been a strong influx of new residents to this area due to a variety of rea- sons including, Delaware’s favorable tax structure, the historic beaches, and both re- tirees and new families seek- ing an active lifestyle. Zach Smith and Danielson

of Horvath & Tremblay have successfully completed the sale of a CVS in Richmond, Virginia. Horvath & Trem- blay represented the buyer to complete the transaction at a sale price of $3,152,605. CVS is located at 7590 Staples Mill Rd. in Richmond, VA. The stand-alone building consists of 10,188 s/f on a 1.30-acre corner parcel of land. CVS has occupied this location since its construction in 1999 and has 5+ years remaining on their Absolute NNN Lease with nine, 5-year renewal options. The property is extremely well located at the signalized inter- section of Bremmer Rd. and Staples Mill Rd. (US Route 33), the area’s primary commercial and commuter corridor. CVS benefits from outstanding frontage, visibility and access and is across the street from the Richmond Staples Mill Train Station. MAREJ

& Tremblay has com- pleted the sale of four Virginia retail properties for $34,147,200. Kyle Danielson and Jason Woods of Horvath & Trem- blay have completed the sale of a BJ’s Wholesale Club in Gainesville. Horvath & Trem- blay represented the buyer to complete the transaction at a sale price of $20,500,000. BJ’s Wholesale Club is located at 5100 Wellington Rd. in Gaines- ville. The property was a build- to-suit for BJ’s Wholesale Club and is improved with a 76,267 s/f building and an on-site gas station on 11.6-acres of land with outstanding visibility and frontage. BJ’s Wholesale Club has been at this location since 2012 and has 9+ years remain- ing on their lease with four, five-year renewal options. The tenant’s rent includes attrac- tive rent increases every five PHILADELPHIA, PA — Institutional Property Advisors (IPA) , a division of Marcus & Millichap an- nounced the sale of City Av- enue Center, a three-building, 20,220 s/f service-oriented retail asset located on highly traveled City Avenue in Phila- delphia. The property sold for $24.6 million, or $1,216 psf. “Shadow-anchored by the top Target location in the Philadelphia metro area, the center attracted an astound- ing 1.9 million visits in the trailing 12 months, according to Placer.ai,” said Brad Na- thanson , IPA senior manag- ing director in Philadelphia. “The trophy asset is 100% occupied by highly sought- after retail brands, Chipotle, Verizon, Sleep Number, and a PNC Bank outparcel. New to the shopping center with a slated year-end opening is one of Chick-Fil-A’s first in-line stores in the greater Philadelphia MSA with no drive-through, which was an additional attraction for

Institutional Property Advisors completes $24.6 Million Target shadow-anchored center sale in Philadelphia, PA

City Avenue Center

investors.” Nathanson, in col- laboration with Washington, DC-based David Crotts , IPA director, and Dean Zang , IPA executive managing director, represented the seller, the original developer of the prop- erty, and secured the buyer, a

Maryland-based family office. “High-credit service retail strip centers are in strong demand from private and institutional investors,” Na- thanson explained. “REITs have migrated capital into this investment class given

their strong rental growth and minimal re-leasing costs as compared to power centers. Many have traded over the last two years, and there’s a clear uptick in the depth of the buyer pool for service-oriented centers given the rebound of

customer traffic post-COVID.” “Even in today’s quickly changing market, we were able to source multiple competitive offers prior to public market- ing of this asset,” added Zang. “We are undoubtedly seeing a flight to quality.” MAREJ

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