- Immediate upside through lease up of vacancy + Dark Box
- Existing outparcels ready for development and an ability to develop additional outparcels within the center
- Food Lion paying rent on dark box to limit competition within the market and recently renewed in 2019 at previously scheduled rent
- Potential to work out a deal with Food Lion and backfill their box with an alternative use
- LED lighting recently installed throughout the parking lot
- Minimal small shop vacancy in the trade area of 4.6%
- Located within the Richmond, VA MSA which has grown by over 8% and added nearly 100,000 jobs since the beginning of 2010 for an average year-over-year growth rate of about 1.4%. Population within 5 miles of the center is projected to grow 6.2% through the next five years.
- Shoppers required to drive through Ashland Junction en route to Walmart
- Significant new national single tenant development within the market including Chick Fil A, Wawa, and Panera Bread.
- Restaurant Tenant has highest rated reviews in the market on Yelp
THE DEAL POINTS
- Price: $8,530,000
- Cap Rate: 10.0%
- NOI: $853,209
- Occupancy: 92%
- Year Built: 1989