September 30, 2022 – Austin Smith of Horvath & Tremblay has successfully completed the sale of 7-Eleven in Suffolk, Virginia. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $3,100,000.
7-Eleven is located at 3879 Bridge Road (US Highway 17) in Suffolk, Virginia. 7-Eleven has been at this location since 2009 (13 Years) and has 7+ years of term remaining on their lease with three (3) additional 5-year renewal options. The lease features a 10% rent increase every five years throughout the base term and at the start of each renewal option. The Property benefits from a central location along Bridge Road (US Highway 17), one of the area’s primary highways running through Suffolk, Virginia. The Property is well located and enjoys a corner lot at the intersection of Bridge Road and Windward Lane, allowing for convenient access from both directions of the highway. The Property is located across the street from the Bridgeport, a premier community-centric mixed-use space consisting of approximately 120,000 square feet of retail/office/medical space on the 1st floor of each building and 450 Class A apartment homes. Additionally, the Property is 0.7-miles from the Sentara BelleHarbour Hospital and is less than 1.5-miles from Interstate 664. The Property’s central location near the Monitor-Merrimac Memorial Bridge-Tunnel, Midtown Tunnel, and James River Bridge means the Property can be easily accessed from both the Peninsula and the Southside.
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.