New York, NY, March 28, 2013 --(PR.com
)-- ERG Property Advisors is pleased to announce the sale of 1585 General Booth Boulevard, Virginia Beach, VA 23454.
The property is a Dairy Queen quick-service restaurant situated on approximately 0.55 acres and is comprised of roughly 833 square feet of total building space. The restaurant has been operating in this location since 1993 and sits along a very dense retail corridor. This Dairy Queen is located in a popular Food Lion anchored shopping center on General Booth Boulevard just minutes from the Virginia Beach and Sandbridge Beach Shore Line.
Dairy Queen is the leading franchise of frozen treat stores with more than 5,900 quick-service restaurants, most of which operate under the Dairy Queen banner. Popular DQ ice cream treats include Blizzards, sundaes, and cones. Many of the stores also serve burgers, fries, and other items.
Andrew Greenberg, Senior Director of Retail for ERG Property Advisors exclusively represented the buyer who acquired the property for his private account. “The combination of Virginia Beach real estate, national tenant, strong daily traffic and the surrounding retail mix made this a perfect fit for the investor looking to capitalize on the passive nature of NNN real estate investments,” explained Mr. Greenberg.
The property sold for $1,040,000 which represents a cap rate of 7.50%. Andrew Greenberg, Senior Director of Retail for ERG Property Advisors exclusively brokered this transaction.
For more information about this property, please contact or Andrew Greenberg at (646) 253-0950.
About ERG Property Advisors
ERG Property Advisors is a full-service commercial brokerage company based in New York City. Our core activities are investment sales, mortgage brokerage and direct capital services. While focused on the broader New York City area as a company, ERG also offers specific market knowledge at the submarket level. Beyond core New York City properties, ERG’s Retail Division specializes in the disposition of commercial investment real estate property nationally with a focus on freestanding Net-Lease properties. In addition to assisting property owners and prospective buyers, ERG provides banks, appraisers, attorneys, and accountants with information and skill sets that support them in their respective roles. Through strategic alliances with select companies we are able to offer our clients access to mortgage brokerage, direct capital services and investment sales brokerage.