Greenbrier Business Center_Property for Sale
Greenbrier Business Center_Property for Sale
1244 Executive Boulevard, Chesapeake, VA, 23320, US

Greenbrier Business Center

Description

On behalf of Ownership, Jones Lang LaSalle Americas, Inc. (“JLL”) has been retained as the exclusive sales representative for Greenbrier Business Center (the “Portfolio”) – a three (3)-building, 92,503 square foot shallow-bay industrial park situated in the high-barrier-to-entry Hampton Roads industrial market. The Portfolio is currently ±93% leased to eighteen (18) tenants with 3.7 years WALT and an advantageous rollover schedule, presenting investors the opportunity to rapidly expand NOI via the mark-to-market of in-place rents approximately 14% below market.


Featuring a highly functional building design with an average suite size of 4,625 square feet, the Portfolio is well positioned to capture upon the continued leasing demand for well-located, multi-tenant logistics product in the Hampton Roads industrial market. This continued demand, paired with a rise in construction costs to replicate like-kind product, has put downward pressure on vacancy rates across buildings less than 50,000 square feet, averaging a sub-2% vacancy rate over the past five (5) years.


Overall, Greenbrier Business Center offers investors the opportunity to acquire three (3), highly sought-after shallow bay industrial assets with significant near-term yield expansion in the fundamentally robust Hampton Roads MSA.

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Attributes

Building area net
92,503 sf
Number of buildings
3
Year built
1987
Occupancy
93%
WALT
3.7 years

Media

Investment Highlights

STABLE IN-PLACE CASH FLOW WITH FUTURE VALUE-ADD UPSIDE

• Currently 93% leased to eighteen (18) diversified, entrenched tenants with an average tenure of approximately nine (9) years

• 3.7 years of WALT with the ability to access ±55% of the Portfolio’s rent roll within the first three (3) years of analysis

• Significant value creation via the mark-to-market of in-place rents approx. 14% below market


HIGHLY-FUNCTIONAL SHALLOW-BAY PRODUCT

• 18’ clear heights

• Thirty-one (31) grade-level loading positions

• Suite sizes ranging from 1,850-10,913 square feet with an average size of approximately 4,600 square feet


DESIRABLE LIGHT INDUSTRIAL FUNDAMENTALS

• Small-footprint industrial fundamentals continue to remain robust in the Hampton Roads market, posting a 5-year average occupancy rate of less two (2) percent on buildings less than 50,000 square feet

• Strong continued rental rate growth due to a substantial supply-demand imbalance with asking rates increasing +60% since 2020 (+8.2% CAGR) for like-kind product


HIGHLY INFILL LOCATION WITH EXCEPTIONAL CONSUMER PROXIMITY

• The Portfolio is strategically located less than two (2) miles of I-64 and three (3) miles from I-464, offering seamless access to every corner of the Hampton Roads MSA

• Access to over 200,000 U.S. consumers within a five (5) mile radius

• Highly trafficked retail corridor with exposure to approximately 43,500 vehicles per day via Greenbrier Parkway

Greenbrier Business Center 4_Property for Sale
Greenbrier Business Center 4_Property for Sale

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Last updated
30 Jun 2025