May 7, 2021 – Kyle Danielson and Justin Spillane of Horvath & Tremblay have successfully completed the sale of Outback Steakhouse in Gainesville, Virginia. Horvath & Tremblay exclusively represented the buyer in this transaction at a sale price of $3,653,846.
Outback Steakhouse is located at 4995 Wellington Road in Gainesville, Virginia. The building was constructed in 2007 and completely remodeled in 2020, and consists of a 5,942 square foot building with an outdoor patio area on a 1.07-acre parcel. Outback signed a 15-year Absolute NNN Lease with four (4), five-year renewal options. The lease calls for rent increases of 10% every five years throughout the base term and option periods. Outback is situated on a pad site within Virginia Gateway, a premier 1.3 million square foot, mixed-use shopping destination anchored by Target and Giant Foods. Virginia Gateway is home to 120 retailers and is situated at the signalized intersection of Linton Hall Road and Wellington Road. The location is part of an exceptional trade area centered around the junction of US Highway 29 and Interstate 66. 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.