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Avison Young brokers sales of two single-tenant retail properties occupied by KFC in Virginia totaling $4.16 million3 Dec 2019
Los Angeles – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has brokered the sales of two single-tenant restaurant properties occupied by KFC in the cities of Richmond, VA, and Newport News, VA, totaling $4.16 million. Both assets feature new 15-year triple net leases with corporate guarantees by the parent company, KBP Foods, Inc.
Avison Young Principals Chris Maling and David Maling, who are both based in the company’s downtown Los Angeles office, represented the seller of both properties, SBKFC Holdings, LLC. They also represented the buyer of the Newport News property. The buyers of both properties are California-based private investors.
“These assets were conveniently located in strong retail corridors with a lot of consumer activity,” said Maling. “Additionally, they featured 10 percent rental increases every five years and two five-year options to extend the leases with no landlord responsibilities, creating an attractive, passive investment.”
• Richmond Property
Located at 9300 Midlothian Turnpike, the 4,560-square-foot (sf) Richmond KFC was sold for $2.2 million. Built in 2002 on approximately 44,500 square feet of land, the asset was recently renovated. The asset features a large, 53-space parking lot and a drive-thru window. The buyer was represented by Marcus Millichap.
• Newport News Property
Located at 12630 Warwick Boulevard, the approximately 2,640-sf Newport News KFC and Taco Bell property was sold for $1.96 million. Built in 1985 on approximately 30,600 square feet of land, it has also recently undergone renovations, and has a large, 28-space parking lot and a drive-thru window.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 120 offices in 20 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
Avison Young is a 2019 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for eight consecutive years.
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For more information:
• Darcie Giacchetto, Places Public Relations: 949.278.6224