DEALS

Deals

Ashland Junction – Ashland, VA

THE OPPORTUNITY

  • 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

THE HIGHLIGHTS

  • 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

Click Here to View Virtual Deal Room