April 27, 2022 – Kyle Danielson, Brian Ahrens and Justin Spillane of Horvath & Tremblay have successfully completed the sale of Olive Garden in Fairfax, Virginia. Horvath & Tremblay exclusively represented the buyer to complete the transaction at a sale price of $6,300,000.
The Olive Garden is located at 12980 Fair Lakes Center in Fairfax, Virginia. The stand-alone building consists of approximately 8,000 square feet and sits on 2.12 acres of land. Olive Garden has been at this location since 2015 and has 11+ years remaining on their Absolute NNN Lease with five (5), 5-year renewal options. The lease features attractive 1.5% annual rent increases throughout the primary lease term and renewal options. The base rent shall reset to Fair Market Rent in the first year of the 4th and 5th renewal options with 1.5% annual increases for the following 4-years. Olive Garden is strategically positioned as an outparcel to the Fair Lakes Center, a regional shopping center anchored by a high-volume Walmart, BJ’s and Target. The property is situated adjacent to the primary entrance to the Fair Lakes Center and has frontage along Fair Lakes Parkway which has traffic counts in excess of 24,000 vehicles per day. Additionally, the center is home to countless other national retailers and restaurants driving traffic to the area and is surrounded by larger apartment and condominium complexes, office buildings, and hotels supporting the vibrant Fairfax commercial market. The Property and complex are also less than 0.3-miles from the confluence of major roadways I-66 and Route 286.
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.