July 31, 2019 – Kyle Danielson of Horvath & Tremblay has successfully completed the sale of the ground lease to BB&T Bank in Fredericksburg, Virginia. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $4,710,000.
BB&T Bank occupies a 4,021-square foot building situated on a 1.16-arce parcel located along Jefferson Davis Highway. BB&T has been at the Property since its completion in 2008 and has 9+ years of lease term remaining plus four, 5-year renewal options. The lease includes 15% rent increases every 5 years and at the start of each option period. The Property offers excellent visibility and access at a signalized intersection on Spotsylvania Parkway across from the Cosner’s Corner Shopping Center, as well as over 1,200 newly constructed apartments and the 133-bed Spotsylvania Regional Medical Center. The property benefits from its location within a densely populated area with over 80,500 people live within a 5-mile radius of the Property with an average household income of $104,000.
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.