Asking Price
NOI Net Operating Income
Cap Rate
Asking Price
NOI Net Operating Income
Cap Rate

Documents

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Attributes

Year Built 2012
Building Area
Land Area ()
Number of units 8

Property Description

Jones Lang LaSalle (JLL) has been retained on an exclusive basis to offer qualified investors the opportunity to acquire Main Street Marketplace (The Property), a 21,200 square feet unanchored strip center located along Suffolk’s leading retail corridor. Sharing a signalized entrance with Walmart, Main Street Marketplace is 100% leased to a diverse merchandise mix encompassing uses such as food and beverage, e-commerce proof services, beauty, and more. Highlighted by Panera’s new drive-thru store format, the Property has 8 tenants, none of which account for more than 25% of the rental revenue.


Constructed in 2012, Main Street Marketplace requires minimal capital outlays from future ownership. Additionally, 81% of the tenancy contains contractual extension options that further the Property’s ability to maximize net cash flow.


Main Street Marketplace represents a compelling opportunity to acquire a well-located and recently-built asset in the growing Hampton Roads metropolitan area. 

Investment Highlights

Tailored, national tenancy featuring a drive-thru Panera (corporate), T-Mobile, Moe’s Southwest Grill and Sports Clips

Shadow anchors Kroger, Walmart Supercenter, Lowe’s, and Belk generate significant shopper cross traffic via the Property’s signalized entrance

Located along Suffolk, Virginia’s leading, high-growth retail corridor which is trafficked by 27,500 VPD and located less than a mile from downtown Suffolk

National retailers, occupying 7 of the Property’s 8 suites, comprise 94% of the Property’s gross leasable area

4.5 Years of WALT remaining with 6 of 8 tenants holding fixed-rate extension options

Last Updated Date: 12 Feb 2021
Jordan Lex
Jordan Lex
Senior Director, Capital Markets
License details
DC-SP98373803 MD-647016 VA-0225189318
Daniel Naughton
Daniel Naughton
Director
License details
DC-SP200203747 IL-475.174941 VA-0225240708 MD-678231

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Last Updated Date: 12 Feb 2021

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