November 22, 2024 – Kyle Danielson of Horvath & Tremblay has successfully completed the sale of a PNC Bank in Fairfax, Virginia. Horvath & Tremblay represented the buyer to complete the transaction at a sale price of $6,000,000.
PNC Bank is located at 10649 Main Street in Fairfax, Virginia. PNC Bank occupies a 3,650 square foot building positioned on a 1.29-acre corner parcel of land. PNC Bank has been at this location since 2008 and has 5 years remaining on their Absolute NNN Ground Lease with three (3), 5-year renewal options. The lease calls for attractive 10% rent increases at the start of each renewal option. PNC Bank is strategically located at the intersection of Judicial Drive and Main Street (VA Route 236), one of the area’s primary commercial and commuter corridors. The Property enjoys outstanding frontage and visibility, and is 0.5-miles from the center of Fairfax, 1.5-miles from George Mason University with more than 40,000 students and 10,000 faculty and staff members, and is surrounded by densely populated residential neighborhoods and area schools that provide a built-in customer base. Additionally, the Property is close to the area’s office parks, national retailers, and major roadways including VA Route 123 & 620, US Routes 29 & 50, and Interstate 66.
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.