June 15, 2021 – Kyle Danielson of Horvath & Tremblay has successfully completed the sale of Wells Fargo (Condominium Interest) in Largo, Maryland. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $3,990,000, a 5.63% Cap Rate.
Wells Fargo is located at 9800 Apollo Drive in Largo, Maryland. The retail branch consists of a 3,876 square foot building with four dedicated drive through lanes and a drive-up ATM lane on a corner parcel. Wells Fargo has been at this location since its construction in 2006 and has 4+ years remaining on their ground lease with two (2), five-year renewal options. The lease calls for 12% rent increases at the start of each renewal option. Wells Fargo is situated on a corner parcel at the signalized intersection of Apollo Drive and Arena Drive/Medical Center Drive 500 feet from Landover Road (MD Route 202), 1-mile from Interstate 495 and 0.8-miles from the Largo Town Center Metro Station. The location is part of an exceptional trade area centered around the Interstate 495 corridor with numerous national tenants, retail centers and medical centers drawing significant traffic to the area. Largo is an affluent suburb of Washington, D.C. approximately 11 miles east 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.