October 30, 2023 – Kyle Danielson and Austin Smith of Horvath & Tremblay have successfully completed the sale of 7-Eleven in Virginia Beach, Virginia. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $8,722,278.
7-Eleven is located at 5790 Princess Anne Road in Virginia Beach, Virginia. The new construction 7-Eleven features a state-of-the-art convenience store with 10 fueling stations and a fuel island canopy. 7-Eleven has a new 15-year Absolute NNN Lease with four (4), 5-year renewal options. The lease features attractive 10% rent increases every 5-year throughout the primary lease term and at the start of each renewal option. The Property is well located at the signalized intersection of Princess Anne Road (VA Route 165) and Newtown Road, two of the area’s primary commercial and commuter corridors. The Property benefits from outstanding visibility and frontage with two points of access. The property is surrounded by densely populated residential neighborhoods and is 1,000 feet from the Newtown Road Light Rail Station, and less than 0.5-miles from Interstates 64 and 264. The Property is close to the Sentara Leigh Hospital, the area’s national retailers, eight nationally branded hotels, and several large business and industrial parks, all of which drive 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.