Norfolk Trifecta

Confidential
Cap Rate:

1081 North Military Hwy.
Norfolk, VA 23502

Investment Highlights

  • All Tenants have 10-Year, Corporate Guaranteed Leases
  • Strong Traffic Counts | North Military Blvd. with 45,000 VPD, Interstate 64 with 92,000 VPD and Interstate 264 with 74,000 VPD
  • Plaza is an Outparcel to Lowes
  • Dense Retail Corridor | Across the Street from JANAF Shopping Center, which is one of the first large suburban shopping centers in the United States and the Oldest Shopping Center in Norfolk.
  • Surrounding Retailers Include Lowes, Walmart Supercenter, Costco Wholesale, BJ’s, Big Lots, Home Depot, Target, Petsmart, Food Lion, T.J. Maxx, Ross, Northern Tool + Equipment, Dollar General, Olive Garden, Panera Bread, Applebee’s, Hooters, 7-Eleven, CVS and Many More.
  • Within Close Proximity to Old Dominion University, with more than 24,500 students
  • Norfolk has the 2nd Largest Concentration Of Military Personnel In The United States.

 

Investment Overview

Marcus & Millichap is pleased to offer the opportunity to acquire Sprint|Aspen Dental|Chipotle Plaza located at 1081 North Military Hwy, Norfolk, Virginia 23502. The subject property is a 7,820 square-foot multi-tenant building on .825 acres of land. Sprint|Aspen Dental|Chipotle Plaza offers brand new 10-Year corporate guaranteed leases, with rental escalations in year 6.

Sprint|Aspen Dental|Chipotle Plaza is ideally situated with excellent access and visibility off North Military Blvd, with more than 45,000 vehicles per day.  This asset further benefits from its location within close proximity to Interstate 64, with a daily traffic count of 92,000 vehicles, and Interstate 264, with a daily traffic count of 74,000 vehicles.

Sprint|Aspen Dental|Chipotle Plaza is conveniently located in a dense retail corridor across the street from JANAF Shopping Center, which is one of the first large suburban shopping centers in the United States and the Oldest Shopping Center in Norfolk.  Major national retailers in the area include Lowes, Walmart Supercenter, Costco Wholesale, BJ’s, Big Lots, Home Depot, Target, Petsmart, Food Lion, T.J. Maxx, Ross, Northern Tool + Equipment, Dollar General, Olive Garden, Panera Bread, Applebee’s, Hooters, 7-Eleven, CVS and many more.

The property is less than seven miles from Old Dominion University, with more than 24,500 students.  It is also less than four miles from Norfolk International Airport, Norfolk State University and Virginia Wesleyan University and six miles from the Joint Expeditionary Base Little Creek-Fort Story – the major operating base for U.S. Navy’s Atlantic Fleet.

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