Plaza Azteca - Williamsburg, VA_Property for Sale
Plaza Azteca - Williamsburg, VA_Property for Sale
1430 Richmond Rd suite 910, Williamsburg, VA, 23185, US

Plaza Azteca - Williamsburg, VA

Asset Description

JLL is pleased to exclusively offer for sale Plaza Azteca in Williamsburg, VA (the “Property” or the “Asset”) within the greater Virginia Beach-Norfolk-Newport News MSA . The Property is situated within the Shops at High Street, a 98% occupied retail center less than 2 miles down the road from William & Mary College which enrolls more than 9,500 full-time students. Nearly 900 apartment units sit within three blocks of the Property, including the High Street Apartments, a 367-unit, Class-A complex delivered in 2019 directly adjacent to the Property. The Asset’s positioning along Richmond Road provides direct exposure to 24,000 VPD. Williamsburg is an affluent Virginia community nestled between Richmond and Newport News. The Asset’s surrounding 1-mile radius has a population growth of 33% since 2010 and average annual household incomes exceed $123,000 within a 5-mile radius.

Plaza Azteca (the “Tenant”) is a full-service, Mexican restaurant chain with over 60 locations throughout the eastern US region. The Tenant operates on a net lease structure with limited landlord responsibilities and future potential upside, given no contractual lease options remain and the tenant is performing well from a rent-to-sales standpoint. This offering presents a passive income opportunity in a strong growth market near a premier major college campus.

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Attributes

Building area net
512 m²
Occupancy
100%
Year built
2009
Land area gross
0.05 ha
Number of units
1

Media

Investment Highlights

  • College town location near the main campus of William & Mary University
  • Directly adjacent to a recently delivered, 367-unit Class-A apartment complex
  • 33% 1-mile population growth since 2010
  • Regional restaurant brand with more than 60 locations
Plaza Azteca - Williamsburg, VA 4_Property for Sale

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Last updated
26 Jun 2024