M id A tlantic Real Estate Journal — Owners, Developers & Managers — June 2023 — 17A
www.marej.com
O wners , D evelopers & M anagers
Danielson, Kanellos and Smith broker the sale of Firestone in Smyrna, DE Horvath & Tremblay completes the sale of two Mid-Atlantic retail properties for $3,439,656
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location since 2009 and ex- ecuted a 10-year lease exten- sion in 2015. Bank of America has 1+ years remaining on their lease with one, five-year renewal option. The lease calls for annual increases based upon the an- nual change in the CPI. Bank of America is well positioned along Financial Loop, with out- standing visibility, frontage, and access from Old Bridge Rd. The location is part of an excep- tional trade area located 1-mile from I[95 and VA Rte. 123 and is 1.75-miles from the Wood- bridge Train Station and US
Rte. 1, the area’s primary com- mercial corridor. Woodbridge is a bedroom community, located 20-miles south of Washington D.C. The Property benefits from numerous national ten- ants and retail centers drawing significant traffic to the area and has a significant residen - tial base from which to draw. 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 ex- changes. MAREJ
ID-ATLANTIC — Horvath & Trem- blay has completed
the sale of two Mid-Atlantic re- tail properties for $3,439,656. Kyle Danielson, Hill Kanellos and Austin Smith of Horvath & Tremblay have completed the sale of Firestone in Smyrna, DE. Horvath & Tremblay represented the buy- er to complete the transaction at a sale price of $3,567,280, a 5.0% Cap Rate. Firestone is located at 15 S Cory Lane in Smyrna, DE. The new con- struction Firestone was com- pleted in 2021 and contains 6,116 s/f building on a 0.83-acre parcel of land. Firestone has 13+ years remaining on their Absolute NNN Lease with five, 5-year renewal options. The lease features attractive 5% rent increases every five years throughout the primary lease term and at the start of each of the renewal options. The property enjoys an outstand - ing location along S Cory Lane with outstanding visibility and frontage along S Dupont Blvd. which sees more than 31,900 vehicles per day. The property is also just 0.25-miles from DE Highway 1, the area’s primary commuter corridor. The area has seen significant develop - ment over the last few years and is home to numerous na- tional retailers including Food Lion, Aldi, Tractor Supply Co, Walgreens, Starbucks and several nation- ally recognized quick serve restaurants, all of which drive traffic and customers to the area. The Property is also just 3-miles from a Walmart Distribution Center. Smyrna is located in north-central Delaware approximately 10-miles north of Dover. Danielson has successfully completed the sale of a fee simple condominium interest in a Bank of America in Wood- bridge, VA. Horvath & Trem - blay represented the seller to complete the transaction at a sale price of $2,900,000. The Bank of America is located at 1701 Financial Loop in Wood- bridge, VA. The Bank of America retail branch consists of 5,145 s/f on the ground level (unit 1) of the building with five dedicated drive through lanes, and a drive-up ATM. The building also has a 4,649 s/f lower level that is currently vacant. Bank of America has been at this
Firestone
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