May 27, 2021 – Kyle Danielson and Justin Spillane of Horvath & Tremblay have successfully completed the sale of Starbucks in Fredericksburg, Virginia. Horvath & Tremblay exclusively represented the seller and procured the buyer in this transaction at a sale price of $1,775,000.
Starbucks is located at 5811 Plank Road in Fredericksburg, Virginia. The property was constructed in 2007 and consists of a 1,863 square foot building with a dedicated drive through lane and an outdoor patio area on a 0.67-acre parcel. Starbucks originally signed a 20-year ground lease with four (4), five-year renewal options with rent increases of 10% every five years throughout the base term and option periods. The next rent increase is scheduled for 11/1/2022. Starbucks is situated on a pad site within Harrison Crossing, a Home Depot and Giant Foods anchored Shopping Center. Harrison Crossing is situated at the signalized intersection of Plank Road (VA Route 3) and Harrison Road. The location is part of an exceptional trade area centered around the Plank Road (VA Route 3) junction with Interstate 95. Plank Road is home to numerous national tenants and retail centers, including Central Park, one of the largest unenclosed malls on the East Coast with more than 255 stores and services, and the Spotsylvania Towne Centre mall, which has more than 150 stores. This shopping destination draws significant traffic to the 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.