June 18, 2024 – Hill Kanellos and Kyle Danielson of Horvath & Tremblay have successfully completed the sale of a Department of Motor Vehicles (DMV) in Harrisonburg, Virginia. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $2,000,000.
The Department of Motor Vehicles (DMV) is located at 3281 Peoples Drive in Harrisonburg, Virginia. The Property consists of a well-constructed and meticulously maintained office/professional building on 2.22 acres of land. The freestanding, 8,528 square foot building is 100% leased by the Commonwealth of Virginia, Department of General Services and serves as a location for the DMV. They recently signed a brand-new, 10-year lease that is followed by ongoing, automatic 1-year renewal options. The lease features 2.00% annual rent increases throughout the base term and renewals. The DMV is operating under a modified gross lease, wherein they are responsible for Utilities, Common Area Maintenance, and Snow Removal. The Property is well located on Peoples Drive, 1,000 feet off US Route 11, one of the primary commercial corridors running through Harrisonburg. Route 11 also serves as the primary auto corridor in the area, with many dealerships, rental agencies, repair centers and auto parts stores, offering excellent synergy with the Department of Motor Vehicles. Harrisonburg is home to James Madison University, which is just 3 miles from the Property and has over 22,000 undergraduate and postgraduate students. The DMV is also in proximity to a number of area schools including Pleasant Valley Elementary, Harrisonburg High School, Massanutten Technical Center and Rockingham Academy. Tenneco Inc., a manufacturer of automotive products, operates a large facility less than a mile from the Property.
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.