April 20, 2022 – Kyle Danielson of Horvath & Tremblay has successfully completed the sale of Dollar General in Portsmouth, Virginia. Horvath & Tremblay exclusively represented the buyer to complete the transaction at a sale price of $2,000,000.
Dollar General is located at 1711 Effingham Street in Portsmouth, Virginia. The Property was a build-to-suit for Dollar General, the 9,100 square foot stand-alone building sits on a 1.67-acre parcel of land. Dollar General has 8+ years of term remaining on a corporate guaranteed Triple Net lease followed by five (5), 5-Year renewal options. The lease calls for a 10% increase at the start of all five renewal option periods. Dollar General features an upgraded brick construction that is centrally located with access via Effingham Street and Green Street. The property sits next to the Portsmouth Fire Station and a build to suit 7-Eleven. The property is very accessible just 0.3-miles from Interstate 264, 0.7-miles from Norfolk Naval Shipyard and 1.2-miles from downtown Portsmouth. Traffic is very strong with average daily traffic counts exceeding 18,165 vehicles on Effingham Street and 4,260 vehicles on Lincoln Street. The area is densely populated and the surrounding 5-mile population exceeds 242,740. The Property is positioned within the Virginia Beach-Norfolk-Newport News, VA MSA.
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.