Wegmans Property for Sale in Fredericksburg
Sale of the property will not affect store operations; the lease will be transferred to the new owner.
The 16.5 acre property on Carl D Silver Parkway which is home to Fredericksburg's Wegmans is on the market for $25 million.
Calkain Companies of Reston is offering the property, and said the capitalization rate (cap rate) — the estimated rate of return based on the expected income the property will generate — is 4.25 percent.
Wegmans leased the property for 25 years beginning in 2009, and currently pays $88,685.50 a month in rent for the 160,000 square foot store and adjoining parking lot, according to the listing.
The grocery chain has 81 stores in New York, Pennsylvania, New Jersey, Virginia, Maryland and Massachusetts, and employs more than 44,000 people.
The Fredericksburg store has $1.5 million in sales weekly, and is within the top five revenue producers company wide, Calkain reported.
Wegmans was named number five on Fortune magazine's 2013 list of 100 Best Companies to Work For.
Read Fredericksburg Patch via: