QuickChek Carlstadt
720 Washington Street, Carlstadt, NJ, 07072, US
IDR 162,042,705,000 | 511 m²
Description
Jones Lang LaSalle is pleased to present the opportunity to acquire Princess Anne Marketplace – a 26,578 square foot shopping center in Virginia Beach, Virginia - Shadow Anchored by Target and Featuring a Dunkin’ Drive-Thru.
Built in 1998 and 1999, Princess Anne Marketplace consists of two freestanding retail centers – 2052 and 2076 S Independence Blvd. The Property is 100% leased with 6.5 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.
2076 S Independence Blvd contains three tenants: Ivy Rehab, Jackson Hewitt Tax Service, and Acredale Animal Hospital. 2052 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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Attributes
Building area net
2,469 m²
Occupancy
100%
Year built
1998
WAULT
6.5 years
Media
Investment Highlights
- 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 6.5 YEARS OF WALT
- 77% 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 3.41% 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.
Contact brokers
Princess Anne Marketplace (0 Properties)
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Last updated
31 Jul 2025
