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|Number of units||8|
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.
◦ 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