R etail D evelopment R eimagined
M id A tlantic Real Estate Journal — Retail Development Reimagined — February 19 - March 12, 2021 — 19A
www.marej.com
Danielson and Nadler negotiates the sale of Chase Bank in Prince Frederick, Maryland Horvath & Tremblay complete the sale of four retail properties for $16,141,627
ID ATLANTIC — Horvath & Trem- blay has completed the sale of four retail proper- ties for $16,141,627. Kyle Danielson and Matt Nadler of Horvath & Trem- blay has successfully com- pleted the sale of Chase Bank in Prince Frederick, MD. Hor- vath & Tremblay represented the seller to complete the transaction at a sale price of $5.55 million, a 4.05% Cap Rate. Chase Bank is located at 55 Stoakley Rd. The newly built retail branch consists of a 3,558 s/f building with a dedicated drive through ATM lane on a 1.39-acre parcel. Chase Bank has a brand-new 20-year ground lease with four, five-year extensions and rent increases of 10% every five years throughout both the base term and extension periods. Jeremy Black and Matt Nadler of Horvath & Trem- blay have successfully com- pleted the sale of a Bank of America in Clifton Park, NY, representing the seller and procuring the buyer to com- plete the transaction at a sale M
Kyle Danielson Matt Nadler
Jeremy Black
Rob Difranco
close the transaction at a sale price of $2,591,627, a 5.14% cap rate. Wendy’s is located at 105 E 12th St. The stand-alone building consists of 3,280 s/f and sits on a 0.92-acre lot, and benefits from a drive-thru. Wendy’s has a long operating history at the location and signed a new, 20-year, lease at the Property in 2016. The corporate guaranteed absolute triple-net lease currently has 16+ years of term remain- ing plus one, 5-year renewal option. The lease includes an 11.3% rent increase in November 2021 and a 10% rent increase every five years thereafter. The Property is located at a signalized inter- section on a primary Rd.way in Downtown Erie with good traffic counts and is within walking distance to numerous
price of $5.2 million. Bank of America is located at 1 Clifton Country Rd. The stand-alone building consists of 4,750 s/f and sits on a 1.0-acre corner lot with excellent visibility. Ex - hibiting their commitment to the location, Bank of America extended their triple-net lease for 10 years through Novem- ber 2029 with two, five-year renewal options remaining. The lease features variable rental increases every five years during the primary term and remaining option periods. Bank of America is situated on a corner parcel at the sig- nalized intersection of Clifton Country Rd. and New York State Rte. 146. Black and Nadler also fa- cilitated the sale of Wendy’s in Erie, PA. Horvath & Trem - blay represented the seller to
Chase Bank in Prince Frederick, Maryland
housing complexes and em - ployers. The Property is also less than 0.5 miles from Erie Station on Amtrack’s Lake Shore Limited line connecting Boston, New York City, and Buffalo to the east with Cleve- land and Chicago to the west. Horvath & Tremblay’s Rob Difranco has successfully completed the sale of a Chick- Fil-A in Stafford, Virginia. Horvath & Tremblay repre- sented the buyer to complete the transaction at a sale price of $2.8 million, a 3.89% cap rate. Chick-Fil-A is located at 25 Dunn Drive in Stafford, VA. Originally constructed in 2000, the stand-alone building
consists of 4,226 s/f, and sits on 1.0 acres of land. Chick-Fil-A has been at this location for 20 years and recently exercised a 10-year renewal option. Chick- fil-A has 10-years remaining on an absolute triple-net ground lease with one, 10-year renewal option remaining. The Chick- fil-A Lease calls for 12.5% rent increases every five years. Chick-Fil-A is well positioned on a corner lot as an outpar- cel to Giant Foods and Home Depot and is situated in the center of a dense retail corridor that is 1-mile from Interstate 95. The property benefits from excellent traffic counts along Garrisonville Rd. MAREJ
Marcus &Millichap handles sale of 138,445 s/f retail property
Divaris Real Estate completes transactions totaling 37,864 s/f
VINELAND, NJ — Marcus & Millichap announced the sale of Maintree Shopping Center, a 138,445 s/f retail property located in Vineland, according to John Krueger , regional manager of the firm’s Westchester office. The asset sold for $13.1 million. Kodi Traver , Joseph French Jr. , and Thomas Dalzell , investment special- ists in Marcus & Millichap’s Westchester office, along with Mark Taylor , senior manag- ing director in Marcus & Mil- lichap’s King of Prussia office, had the listing to market the property on behalf of the sell- er, a private investor. Brian Hosey , New Jersey Broker of Record, assisted in closing this transaction. Maintree Shopping Center is located at 301 S Main Rd.
1335 West Main St. in Salem, VA
RICHMOND, VA — Diva- ris Real Estate, Inc. (DRE) , completed the following trans- actions in Central Virginia: Woodlands Real Estate, LLC sold two acres of land in The Woodlands located at Mall Drive and Koger Center Blvd. in North Chesterfield from American Pet Resort, LLC for $890,000. The Richmond office of Divaris Real Estate represented the seller in the negotiations.
American Freight Furniture leased 25,804 s/f of retail space in the former Kmart located at 1335 West Main St. in Sa- lem. Ali McCrickard, Brett M.cNamee and Sam McCoy represented the landlord in the lease negotiations. RVA Iron Gym leased 7,500 s/f of industrial space located at 3910 Adams Rd., Richmond. John Madures represented the landlord in the lease nego- tiations. MAREJ
Maintree Shopping Center
in Vineland. The center is an- chored by ACME in a 60,000 s/f store, and Dollar Tree. The center also has four freestand- ing PADS. “The main issue we had to overcome was the short time remaining on the
ACME lease, less than two years. That, plus marketing and selling in the midst of the COVID pandemic made the price we obtained outstand- ing given those hurdles.” said Taylor. MAREJ
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