August 12, 2021 – Kyle Danielson of Horvath & Tremblay has successfully completed the sale of Bank of America in Petersburg, Virginia. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $950,000.
The Bank of America is located at 1963 S Crater Road in Petersburg, Virginia. The Bank of America retail branch consists of a 2,200 square foot building with two (2) dedicated drive through lanes on a 0.34-acre parcel. Bank of America has been at this location since 2000, and recently exercised a 5-year renewal option. Bank of America has three (3), five-year renewal options remaining, each with 15% rental increases. Bank of America is situated as a pad-site to the Walnut Hill Plaza, a Save A Lot anchored shopping center. The Property enjoys outstanding visibility and frontage along S Crater Road (US Route 301). The location is part of an exceptional trade area located in between the exchanges of Interstates 95 & 85 and Interstates 95 and 295 with numerous national tenants and retail centers drawing significant traffic to the area.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in 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.