January 26, 2024 – Kyle Danielson and Austin Smith of Horvath & Tremblay have successfully completed the sale of the Chipotle & McAlister’s Deli in Fredericksburg, Virginia. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $4,408,842.
The Property is located at 5621 Plank Road (Suite 100) in Fredericksburg, Virginia. The build-to-suit, two-tenant plaza is improved with Chipotle and McAlister’s Deli and contains 5,781 square feet on a 1.01-acre parcel. The Property was completed in 2023, Chipotle benefits from a modern design with outdoor seating and a Chipotlane (drive-thru) and has 14+ years remaining on their lease with four (4), 5-Year renewal options. Their lease features attractive 10% rent increases every 5 years throughout the base term and at the start of each option period. McAlister’s Deli has 9+ years remaining on their lease with two (2), 5-year options. Their lease features attractive 10% increases every 5 years throughout the base term and at the start of each option period. The Property is shadow anchored by Harrison Crossing, a Home Depot and Giant Foods anchored Shopping Center. The Property is seconds from the signalized intersection of Plank Road (VA Route 3) and Harrison Road. The location is part of an exceptional trade area centered around the Plank Road (VA Route 3) junction with Interstate 95. Plank Road is home to numerous national tenants and retail centers, including Central Park, one of the largest open-air malls on the East Coast with more than 255 stores and services and the Spotsylvania Towne Centre mall, which has more than 150 stores. This shopping destination draws significant 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.