January 30, 2019 – Kyle Danielson of Horvath & Tremblay has successfully completed the sale of a ground lease to Cracker Barrel in Haven, Hampton, Virginia. Horvath & Tremblay represented the exchange buyer to close the transaction at a sale price of $3,150,000, a 5.09% cap rate.
Cracker Barrel fully occupies a 9,984-square foot building located at 106 Marketplace Drive. The Property is positioned on an oversized 2.02-acre parcel that is an outparcel to Mercury Plaza, a 150,0000-square foot open aired shopping center anchored by Walmart Neighborhood Market, Burlington and Marshalls. The site experiences high traffic counts in excess of 85,000 vehicles per day. Originally constructed by Cracker Barrel, the tenant has operated successfully at this location since completion in 2005. Cracker Barrel has shown commitment to this location with the execution of a ten-year lease renewal extending the current term to 2025.
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.