August 16, 2024 – Kyle Danielson and Matt Nadler of Horvath & Tremblay have successfully completed the sale of a new construction Starbucks in Hayes, Virginia. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $2,600,000.
Starbucks is located at 3019 George Washington Memorial Parkway in Hayes, Virginia. The new construction stand-alone Starbucks is operating under a rare, 15-year lease, and is followed by six (6), 5-year renewal options. The lease features attractive 10% rent increases every five years throughout the primary lease term and at the start of each renewal option. Starbucks is located along the George Washington Memorial Highway (US Highway 17), the area’s primary commercial and commuter corridor and is adjacent to the signalized intersection with Powhatan Drive. The location benefits from excellent visibility, frontage, and prominent signage and features Starbucks’ best-in-class drive-thru and an outdoor patio space. Starbucks is strategically positioned in between the area’s two grocery stores, Hayes Stores Shopping Center, anchored by Kroger, and York River Crossing, anchored by Food Lion, both of which drive significant traffic to the area. Hayes is located in the southeastern part of Virginia and is 16-miles north of Newport News, 40-miles north of Norfolk, and 65-miles southeast of Richmond.
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.