Retail Business for Sale in Manassas, VA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Retail Business
  • Location: Manassas, VA 20110

Description

HIGH CREDIT GROUND LEASE WITH ESTABLISHED TENANT – The Tenant, Rare Hospitality International, Inc., owned by Darden Restaurants (S&P Rated: “BBB,” Investment Grade, Stock Ticker: DRI) and doing business as LongHorn Steakhouse, is subject to a long-term Ground Lease that commenced in 2008 and has nearly 8 years of remaining term. In 2023, the tenant elected to exercise their second renewal option, extending the lease term to ten years rather than five contemplated in the lease. As a concession, rent remained flat during years 1-5 of the option period, with increases scheduled to begin in 2029. With two options remaining, the tenant has demonstrated a strong commitment to this location through its consistent renewal history. The property consists of 0.78 acres and benefits from cross-parking with the neighboring Evergreen Terrace Shopping Center along high-traffic Liberia Avenue in Manassas, Virginia. The building contains 5,600 square-feet. POSITIONED AT THE HEART OF A GROWING NORTHERN VIRGINIA RETAIL CORRIDOR - Situated on Liberia Avenue, LongHorn sits at the center of a dense, retail corridor featuring a high volume of national tenants. On each end of the corridor sits a Walmart that records 2.4 million annual visits and Harris Teeter which adds another 785.7K visits annually. Just across from the subject property is another grocery store, Aldi, which reports 354K visits annually. The corridor also features desired national tenants, Wawa, Chick-Fil-A, Wendy’s, Chipotle, Starbucks, Raising Canes, among others. The strong commercial and retail demand in this location led to the development and opening of Evergreen Village Shopping Center immediately south. Consisting of more than 110,000 SF of retail space with key names such as Lidl, Texas Roadhouse, Jersey Mike’s, and Cold Stone Creamery, the project also includes over 240 apartment units. The retail corridor is supported by a population of 88,230 with an average household income of $152,001. Investment Highlight

Market Context

This retail in Manassas, VA is listed for sale. It is offered at an approximate 5.3% capitalization rate, a key benchmark for income-producing retail assets. It has been on the market for 52 days. Compare it against other retail listings for sale in Manassas, VA — <a href="/search/sale/retail/virginia/manassas">view the full market</a>.

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