44 — October 2024 — Retail Development — M id A tlantic Real Estate Journal
www.marej.com
R etail D evelopment
Danielson, Kanellos, Maldonado, Moore, Nadler, and Smith orchestrate transactions Horvath & Tremblay completes the sale of six retail properties across Virginia for $28,373,100
IRGINIA — Hor- vath & Tremblay has successfully com- pleted multiple high-profile transactions across Virginia. Notable sales include: Kyle Danielson of Horvath & Tremblay has successfully completed the sale of a new construction 7-Eleven in Har- risonburg. Horvath & Trem- blay represented the buyer to complete the transaction at a sale price of $6,528,745. 7-Eleven is located at 2054 Rock Port Dr. The stand-alone 7-Eleven convenience store and gas station was completed in 2024 and has 14+ years remaining on an Absolute NNN Lease with four, 5-Year Options. The Absolute NNN Lease features attractive 10% rent increases every 5-years throughout the primary lease term and at the start of each renewal option period. The 7-Eleven is surrounded by new construction retailers and restaurants. The prop- erty enjoys excellent visibility along both Rock Port Dr. and Stone Spring Rd. (VA Route 280), one of the area’s primary commercial and commuter cor- ridors. 7-Eleven offers conve- nient access to the area’s pri- mary roadways including Port Republic Rd. (VA Route 253), S Main St. (US Route 11), and Spotswood Trail (US Highway 33), and is two-miles from Interstate 81. The Property also offers convenient access to Sentara RMH Medical Center, James Madison University, and Downtown Harrisonburg. Greg Moore and Monique Maldonado of Horvath & Tremblay have facilitated the sale of a Walmart Neighbor- hood Market in Ashland. Hor- vath & Tremblay represented the buyer to complete the transaction at a sale price of $9,050,000. Walmart Neigh- borhood Market is located at 9714 Sliding Hill Rd. in Ash- land. The stand-alone Walmart Neighborhood Market was constructed in 2014 and has 10+ years remaining on a Modi- fied Triple Net (NNN) Lease with four, 5-Year Renewal Options. The modified triple net (NNN) lease features at- tractive 10% rent increases in the first two renewal op- tions and 5% increases in the second two renewal options. The property includes a gas station and a pharmacy with drive-thru, as well as a 15-year roof warranty. The property V
door patio space. Starbucks is strategically positioned in between the area’s two grocery stores, Hayes Stores Shopping Center, anchored by Kroger, and York River Cross- ing, anchored by Food Lion, both of which Dr. significant traffic to the area. Hayes is in the southeastern part of Virginia and is 16-miles north of Newport News, 40-miles north of Norfolk, and 65-miles southeast of Richmond. Horvath & Tremblay’s Hill Kanellos has also successfully completed the sale of a new construction Royal Farms in Rustburg. Horvath & Trem- blay represented the buyer to complete the transaction at a sale price of $2,942,000. Royal Farms is located at 8824 Wards Rd. in Rustburg. The new construction stand-alone Royal Farms convenience store and gas station was completed in 2024 and has 19+ years re- maining on an absolute NNN ground lease with two, 10- Year Options. The Absolute NNN ground lease features attractive 10% rent increases every five-years throughout the primary lease term and the renewal option periods. The newly constructed Royal Farms is well positioned at the signalized intersection of Co- lonial Highway (VA Route 24) and Wards Rd. (US Route 29), the area’s primary commercial and commuter corridors. Royal Farms enjoys outstanding visi- bility and frontage and has sev- eral points of entry and egress allowing for excellent acces- sibility. The property sits at a strategic crossroads notable for being a high traffic corridor for travelers journeying between Greensboro, NC, Danville, VA, Lynchburg, VA, Charlot- tesville, VA and Gainesville, VA. Rustburg is positioned 13-miles south of Lynchburg, and is the county seat of Camp- bell County, serving as a focal point for government services and administration. Our advisors specialize in the sale of single tenant net- lease assets and retail shop- ping centers. They have expe- rience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the market- place for private investors, developers, institutions, and industry professionals. MAREJ
the buyer to complete the transaction at a sale price of $4,895,105. Flag Stop Car Wash is located at 9486 W Broad St. in Henrico. Flag Stop occupies a 4,090 s/f building positioned on a 0.91- acre parcel of land. Upon the close of escrow, Flag Stop Car Wash executed a new 20-year absolute NNN lease with four, five-year options. The lease features attractive 1.5% annual rent increases throughout the primary lease term and each renewal option period. The property is well positioned along W Broad St., the area’s primary commercial corridor which sees more than 47,500 ve- hicles per day. Flag Stop is shadow anchored by Lowe’s and Kroger and enjoys out- standing visibility and front- age. Flag Stop Car Wash is two-miles from Interstate 64 and is surrounded by national retailers and res- taurants including Walmart Supercenter, Target, Costco, and Sam’s Club that Dr. traf- fic to the area. Additionally, the Property is surrounded by densely populated resi- dential neighborhoods that provide a built-in customer base. Located in central Virginia, Henrico is part of the Richmond MSA and is 12 miles northwest of the city. Danielson, Nadler and Austin Smith of Horvath & Tremblay facilitated the sale of a new construction Starbucks in Hayes. Hor- vath & Tremblay represented the seller to complete the transaction at a sale price of $2,600,000. Starbucks is located at 3019 George Wash- ington Memorial Parkway in Hayes. The new construction stand-alone Starbucks is op- erating under a rare, 15-year lease, and is followed by six, five-year renewal options. The lease features attractive 10% rent increases every five years throughout the primary lease term and at the start of each renewal option. Starbucks is located along the George Washington Memorial High- way (US Highway 17), the area’s primary commercial and commuter corridor and is adjacent to the signalized intersection with Powhatan Dr. The location benefits from excellent visibility, frontage, and prominent signage and features Starbucks’ best-in- class drive-thru and an out-
Kyle Danielson
Hill Kanellos
Monique Maldonado
Greg Moore
Matt Nadler
Austin Smith
Flag Stop Car Wash
enjoys excellent visibility and access along Sliding Hill Rd. (VA Route 656), one of the area’s primary commercial and commuter corridors. Walmart Neighborhood Market offers convenient access to the area’s busiest roadways including US Route 1, VA Route 657, and Interstate 95. The property is surrounded to the north by a large industrial district that parallels I-95 and is within 2 miles of a busy retail corridor lined with national retailers and restaurants all of which drive traffic to the area. Ad - ditionally, the area is home to densely populated residential neighborhoods that provide a built-in customer base. Danielson and Matt Nadler of Horvath & Tremblay have successfully completed the sale of a Starbucks in Wil- liamsburg. Horvath & Trem- blay represented the seller to complete the transaction at a sale price of $2,357,250. Star- bucks is located at 7504 Rich- mond Rd. in Williamsburg. Starbucks recently signed
a brand-new, 10-year lease that runs through February 2034, and is followed by six, five-year renewal options. The lease features attractive 10% rent increases every five years throughout the primary lease term and at the start of each renewal option. Starbucks is situated on a pad site to the Norge Crossing Shopping Cen- ter, close to the intersection of Richmond Rd. (US-60) with Croaker Rd. (VA 607) Pricket Rd. The location is across from a Food Lion that anchors the commercial area within the unincorporated community of Norge and is just over a mile from I-64. The property was recently redeveloped for Star- bucks, featuring their latest modern design specifications and best-in-class drive-thru. The area features an affluent demographic and is home to the College of William & Mary. Danielson has successfully completed the sale of a Flag Stop Car Wash sale-lease- back in Henrico, Horvath & Tremblay represented
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