Avison Young brokers $3.8 million sale of single-tenant retail property occupied by PetSmart in Lynchburg, VAOctober 22, 2020
Los Angeles, CA – Avison Young announced today the $3.8 million sale of a 19,235 square-foot (sf) single-tenant retail property occupied by PetSmart at 4026-B Ward Road in Lynchburg, VA.
Avison Young Principals Chris Maling and David Maling, who are based in the company’s downtown Los Angeles office, represented the seller, Los Angeles-based SMBC Lynchburg, LLC. The buyer, a Los Angeles-based private investor, was represented by Major Properties.
Built in 2001, the property is situated on just under two acres of land and has 100 parking spaces. The asset is within Wards Crossing Shopping Center, a 285,000-sf retail center with tenants that include Target, Best Buy, Barnes & Noble, Michael’s, and Bed Bath & Beyond, among others.
“This essential needs retailer has been at this location since 2003 and has 10 years remaining on its corporate-guaranteed triple net lease,” said Chris Maling. “The new ownership saw the intrinsic value in the tenant, its highly visible location within a busy retail center, and the large trade area.”
He added, “This is another example of California capital looking to exit the state and invest across the country.”
The property is located across from Liberty University, one Virginia’s largest universities and is adjacent to the major U.S. 460/U.S. 29 interchange.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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For more information:
- Darcie Giacchetto, Places Public Relations, 949.278.6224