DEALS

Deals

Cypress Run Plaza – Smithfield, VA

THE OPPORTUNITY

  • The shopping center sits at a signalized intersection with strong traffic flows and draws from high income neighborhoods and major national retailers in the immediate area.
  • The leases are staggered and expire incrementally through 2027
  • Wells Fargo, Ultimate Tan, and Jalapenos have been operating in the center for over 15 years
  • Riverside Hospital recently executed 5-year lease, which shows strong leasing momentum
  • Favorable expenses reimbursement terms for the landlord
  • Wells Fargo has $56 million in deposits at this location
  • The Kroger next door is a top performing store
  • Solid access with 3 entry points to the center
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THE HIGHLIGHTS

  • 312 single family homes were developed in Isle of Wight County in 2021, and there have been 780 new single-family homes developed in the county over the past three years
  • Average Household Incomes:
  • 1 mile: $117,199
  • 3 mile: $100,825
  • 5 mile: $102,909
  • Minimal vacancies within the submarket
  • Kroger, Roses, Dollar Tree, Tractor Supply and more are in the same retail corridor
  • Strong daily traffic with over 27,000 VPD on Benns Church Blvd

THE DEAL POINTS

  • Cap Rate: 6.6%
  • Price: $6,118,000
  • Year Built: 2004
  • NOI: $405,545
  • Occupancy: 95%
  • Square Footage: 25,000 SF

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