HARRISONBURG, VA – [April 1, 2020] –
Blue West Capital has completed the sale of a single tenant net leased Dairy Queen Grill & Chill located at 78 S Carlton St, Harrisonburg, VA 22801 for the full asking price of $1,153,000.
The Dairy Queen property is located just west of the intersection of East Market Street and South Carlton Street. Other surrounding national retailers include Food Lion, Big Lots, McDonald’s, and Arby’s. This location serves many of Harrisonburg’s local public schools, including James Madison University with over 22,000 students. Harrisonburg is located along Interstate 81 in the central Shenandoah Valley region of Virginia. The city is less than two hours from Richmond, VA and Washington, D.C.
The property sold as a sale-leaseback. The Dairy Queen franchisee signed a new long-term lease at closing. The franchisee is also developing a new location in Richmond, VA.
“Even with all the uncertainty in the market surrounding Covid-19, investors are still eagerly buying quality single tenant net leased assets. Quick serve restaurants with drive-thrus are still able to serve their customers while following government distancing guidelines,” said Shawn Dickmann, Investment Sales Associate.
Robert Edwards and Shawn Dickmann, of Blue West Capital, represented the seller, Chesa Holdings, LLC. The local purchaser, Lightkeeper, LLC, was represented by a local broker.