September 14, 2017 – Kyle Danielson of Horvath & Tremblay have successfully completed the sale of Denny’s in Colonial Heights, VA. Horvath & Tremblay procured the buyer to close the property at a sale price of $1,136,363.
The 2,910-square foot building located at 851 South Avenue is 100% leased to Denny’s. Denny’s signed a new 10-year lease commencing at the close of escrow, which includes four, 5-year options and ten percent rental escalations every five years throughout the base term of the lease and at the beginning of each option period. Denny’s is strategically positioned along South Avenue, just off of South Park Boulevard, a primary retail corridor. Located adjacent to the property is South Gate Square, anchored by Burlington Coat Factory, Staples, Joann Fabrics, and PetSmart. Walmart Supercenter is located across the street with additional national retail tenants including: Taco Bell, Olive Garden, Chick-fil-A, Target, Panera Bread, Best Buy, Old Navy and Sam’s Club located in the immediate area. Denny’s is also located down the street from the Southgate Mall, a 672,902-square foot shopping mall with over 86 stores servicing the Tri-Cities, Virginia area.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. 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 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.