Princess Anne Marketplace - Retail_Actifs en vente

2052 South Independence Boulevard, Virginia Beach, VA, 23453, US

Princess Anne Marketplace - Retail

Description

Jones Lang LaSalle ("JLL") is pleased to present the opportunity to acquire Princess Anne Retail Marketplace – a 11,858 square foot shopping center in Virginia Beach, Virginia - Shadow Anchored by Target and Featuring a Dunkin’ Drive-Thru.

The Property is 100% leased with 4.6 years of WALT and is located within a larger shopping center shadow anchored by a 111,966 square foot Target. The Property

has upside through future rent increases due to current below market rents.

The property houses two insurance providers – State Farm and Direct Auto Insurance – and features a variety of restaurant options including Dunkin’, Papa John’s,

Golden China, A&M Finest Deli, and Sweet Frog.

The Property is situated at the heavily trafficked intersection of S Independence Blvd and Princess Anne Rd, providing access to 75,000 vehicles per day.

Endorsed by strong surrounding retail presence, the Property is located in a high-performing retail node in Virginia Beach. Located in the Hampton Roads MSA, the Property is situated in a stable market supported by the United States Navy and The Port of Virginia.

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Caractéristiques de l'actif

Surface de l'actif Net

1 102 m²

Occupation

100 %

Année de construction

1998

Taille du terrain Brut

0 m²

WALT

4.6 années

Média

Points clés d'investissement

Shadow anchored by Target on highly trafficked intersection of 75,000 VPD
122,125 population with $110,368 AHHI within a 3-mile radius
100% occupied with 4.6 years of WALT
75% of GLA occupied with national tenants
Upside from below market rents: Sweet Frog, State Farm and Golden China - 48%, 30% and 36% below FMV respectively resulting in a 5.0% 10-year NOI CAGR
Minimal near - term capital required, with recent upgrades to sidewalks, parking lots and facades, as well as a roof renovation performed in 2018