Investment Highlights
- Long-Term, Modified Triple Net (NNN) Lease With Approx. 12 Years Remaining on Base Term
- Four, Five-Year Tenant Renewal Options With Rent Increases Every 5 YearsProperty Includes a Gas Station and a Pharmacy With Drive-Thru
- 15-Year Roof Warranty in Place
- 13 Miles from Richmond, the Capital City of Virginia and One of the Largest and Fastest Growing Cities in the State
- Average Household Income in One Mile of the Property is $134,544, and $129,804 in Three Miles
- Directly Off Interstate 95 With More Than 138,000 Vehicles Daily, and Connects the Area South to Richmond and North to Washington, D.C.
- Two Miles from a Busy Retail Corridor With Tenants Including Publix Supermarket, Target, Dick’s Sporting Goods, Michael’s, Ross, Five Below, Ulta Beauty, Pet Smart, Best Buy, Chili’s Grill & Bar, Chipotle, Buffalo Wild Wings, IHOP, Wells Fargo, Papa John’s Pizza, Chick-fil-A, Starbucks, Walgreens and Many Others
Investment Overview
Marcus & Millichap is pleased to present the opportunity to acquire a Walmart Neighborhood Market, grocery store and gas station in Ashland, VA. This is a long-term, corporate guaranteed lease with Wal-Mart Stores, Inc. There are approximately 12 years remaining on the lease and it offers four, five-year tenant renewal options. The first two option periods have 10 percent rent increases, while the last two options have 5 percent increases. This is a modified triple net lease, see offering memorandum for Landlord’s maintenance requirements.
In addition to Walmart Neighborhood Market grocery store, this property also includes a pharmacy with a drive-thru lane, as well as a gas station. There is also a 15-year roof warranty in place.
Located 13 miles from Richmond, the Capital city of Virginia and one of the largest and fastest growing cities in the state, the surrounding area has excellent demographics. The average household income in one mile of the Property is $134,544, and $129,804 in three miles. The Subject Property has access and visibility to more than 30,000 vehicles daily on Sliding Hill Road. This Walmart benefits from being located directly off Interstate 95 which has more than 138,000 vehicles daily and connects the area South to Richmond and North to Washington, D.C.
The area is served by a major retail corridor just minutes from the Subject Property with tenants including Publix Supermarket, Target, Dick’s Sporting Goods, Michael’s, Ross, Five Below, Ulta Beauty, Pet Smart, Best Buy, Chili’s Grill & Bar, Chipotle, Buffalo Wild Wings, IHOP, Wells Fargo, Papa John’s Pizza, Chick-fil-A, Starbucks, Walgreens and many others. Richmond’s economy is diversifying from government and retail trade. Anchored by VCU Health System and HCA Virginia, health care employs roughly 13 percent of metro workers. Six miles from Bon Secours Memorial Regional Medical Center, a 225-bed hospital with more than 700 doctors; and six miles from Reynolds Community College which serves more than 11,000 students across three campuses with 961 employees.
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Brian Hosey
Broker of Record
P: (202) 536-3700
Lic #: 0225247494
