DEALS

Deals

The Crossings – Hopewell, VA (Richmond)

• Big Lots anchored asset with 8 years of term remaining
• Well maintained Shopping center in great physical condition
• Majority of base rent coming from small shop tenants limiting vacancy risk normally seen with big box tenants
• Total Revenue expected to grow by more than 20% by 2023
• Staggered lease terms with less than 10% of the GLA expiring in any given year through the next 9 years
• New roof on 50% of the shopping center
• Legacy tenants who have been in the center for over 20 years
• Immediate upside through rental bumps and lease up of vacant units
• E-commerce proof tenant lineup with over 20% of small shops are restaurant or service related businesses
• Excellent visibility and access
• Dominant shopping center within the market

INVESTMENT DETAILS
  • Price: $14,272,000
  • Cap Rate: 9.50%
  • 5 Year Levered IRR: 20%
  • Size: 220,250 SF
  • Occupancy: 89%
  • Average Weighted Rents: $12.22 psf
PROPERTY HIGHLIGHTS
• Situated at the gates to Ft Lee – One of the top 3 largest training installations for the Army with over 70,000 soldiers passing through every year
• Located within the Richmond, VA MSA (Prince George County)
• Close proximity and easy access to I-95 and I-295
• 10% population growth over the past 10 years
• Strong traffic counts of over 33,000 AADT