8.25% Unanchored Strip - Villages at Kiln Creek
100% Leased, Service Oriented Neighborhood Center Shadow Anchored by Region’s Top Performing Kroger
Marketing description
Cushman & Wakefield | Thalhimer is pleased to present The Villages at Kiln Creek ("The Property"), a three-building, 100% occupied neighborhood retail center shadowed by a top performing Kroger in Yorktown, Virginia, within the larger Hampton Roads MSA. The Property is anchored by Riverside Health System (S&P: A-), an investment-grade healthcare provider comprising approximately 24% of the GLA that recently renewed its lease in 2023.
The asset features a diverse, service oriented tenant roster with a staggered lease expiration schedule and attractive net lease structures. The Villages at Kiln Creek has a weighted average remaining lease term of over 4.0 years, which is attractive for second- and third-generation space, while providing mark-to-market rental upside as tenants approach the end of contractual option periods. Recently executed leases further validate market rent growth and the center’s as-is leasing profile.
Investment highlights
Shadow-anchored by the highest-performing Kroger in Hampton Roads, ranked in the 88th percentile statewide and driving over 1.5 million annual visitors
Weighted average lease term of 4.0+ years, with mark-to-market upside as leases reach contractual expirations, supported by recent renewals
Infill location along Victory Blvd corridor (37,000 VPD) with convenient I-64 access, serving dense surrounding residential neighborhoods
Multi-building layout offers potential to subdivide and optimize the future property’s ownership structure, enhancing long-term value and operational potential
High-performing suburban trade area with $138K+ average household income, 51% college-educated population, and just 1.9% retail vacancy
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