SOLD – Ashland Junction

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