May 25, 2021 – Kyle Danielson of Horvath & Tremblay has successfully completed the sale of the Wells Fargo ground lease in Falls Church, Virginia. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $3,300,000, a 4.57% Cap Rate.
Wells Fargo is located at 1000 W Broad Street in Falls Church, Virginia. The retail branch consists of a 3,235 square foot building with two dedicated drive through lanes and a drive-up ATM on a corner parcel. Wells Fargo has been at this location since its construction in 1995 and has 4+ years remaining on their ground lease with one (1), five-year renewal option. The lease calls for annual rent increases throughout the base term and renewal option of the greater of 3% or 75% of the annual increase in the CPI-U (Washington, D.C. Metropolitan Area). Wells Fargo is situated on a corner parcel at the signalized intersection of W Broad Street and West Street, ¾-miles from Interstate 66 and 1-mile from the West Falls Church-VT/UVA Metro Station. The location is part of an exceptional trade area centered around the Interstate 66 corridor with numerous national tenants and retail centers drawing significant traffic to the area. Falls Church is an affluent suburb of Washington, D.C., approximately 9 miles west of the city.
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.