November 30, 2023 – Zach Smith of Horvath & Tremblay has successfully completed the sale of KFC in Norfolk, Virginia. Horvath & Tremblay exclusively represented the buyer to complete the transaction at a sale price of $1,440,000.
KFC is located at 1716 Monticello Avenue in Norfolk, Virginia. The stand-alone single tenant building consists of 2,828 square feet and sits on a 0.715-acre parcel with a drive-thru. KFC has 8+ years remaining on their Absolute NNN Lease with four (4), 5-year renewal options. The KFC lease is guaranteed by KBP Foods which operates approximately 840 locations in twenty-seven (27) states. KFC’s Absolute NNN Lease includes attractive 10% rent increases every 5 years throughout the base term and at the start of each option period, providing the investor with an attractive increase in revenue and a hedge against inflation. The Property is located along Monticello Avenue, one of the primary commercial corridors in the area with traffic counts in excess of 23,500 vehicles per day. KFC is surrounded by national retailers, businesses, and schools that drive traffic to the area and is situated in between densely populated residential neighborhoods creating a built-in customer base. Additionally, the Property is 2-miles from Norfolk State University and approximately 2.5-miles from Old Dominion University.
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.