July 28, 2020 – Kyle Danielson and Justin Spillane of Horvath & Tremblay have successfully completed the sale of a Chick-Fil-A in Fredericksburg, Virginia. Horvath & Tremblay represented the buyer to complete the transaction at a sale price of $1,800,000, a 4.09% cap rate.
Chick-Fil-A is located at 4220 Plank Road in Fredericksburg, VA. Originally constructed in 2000, the stand-alone building consists of 3,781 square feet, and sits on 1.09 acres of land. Chick-Fil-A has been at this location for 20 years and has approximately 5-years remaining on an absolute triple-net ground lease with two, 5-year option periods, each with a 10% rent increase. Chick-Fil-A is well located in a dense retail corridor, and has excellent traffic counts along Plank Road and Interstate-95, with 70,000 and 149,000 vehicles per day respectively. Additionally, there are more than 117,000 people within a five-mile radius.
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.