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Details: Retail

Asking Price: $15,030,000

Square Feet: 183,461 SF

Asking Cap Rate: 8.25%

Year Built: 1990

NOI: $1,239,985

Ridgeview Centre

129 Ridgeview Road Southwest, Wise, VA 24293

  • Anchored by National, Credit-Backed Retailers
  • Ollie’s Bargain Outlet, Marshall’s, Harbor Freight, Dollar Tree and Grand Home Furnishings occupy roughly 59% of GLA, supported by government and healthcare tenancy including the GSA Social Security Administration and Lincare
  • 100% Leased 183,461 SF Regional Center
  • The dominant shopping destination in the regional trade area
  • A 22-tenant rent roll generates $1,364,384 of annual rental income at a $10.44/SF average, leaving room to mark rents to market as leases roll
  • Laddered Expirations Across Long-Term Anchors
  • Staggered expirations from anchor tenants over the next 6 years limit rental income risk in any one year
  • 2027- Grand Home Furnishings
  • 2028- Marshalls, Dollar Tree
  • 2031- Harbor Freight
  • 2032- Ollie’s, Goodwill
  • Landlord-Friendly Lease Terms
  • 13 of the 22 tenants, comprising 82,221 sf, almost 45% of the center, do not have options, allowing for Landlord flexibility in future renewal rental rates and lease up
  • Dominant Retail Node in Wise, Virginia
  • Located at 129 Ridgeview Road W, at the corner of Orby Cantrell Highway and Norton Road, the center has anchored the Wise County trade area since 1990
  • Education- and Regional Trade Area
  • UVA Wise enrolls 2,235 students, up 23% year over year on a 400-acre campus, while US 23 and US 58 intersect in the county, connecting to I-81, I-26, I-75 and I-77

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