Princess Anne Marketplace - Retail
4.6+ WALT
Marketing description
Jones Lang LaSalle ("JLL") is pleased to present the opportunity to acquire Princess Anne Retail Marketplace – a 11,858 square foot shopping center in Virginia Beach, Virginia- Shadow Anchored by Target and Featuring a Dunkin’ Drive-Thru.
The Property is 100% leased with 4.6 years of WALT and is located within a larger shopping center shadow anchored by a 111,966 square foot Target. The Property has upside through future rent increases due to current below market rents.
The property houses two insurance providers – State Farm and Direct Auto Insurance – and features a variety of restaurant options including Dunkin’, Papa John’s, Golden China, A&M Finest Deli, and Sweet Frog.
The Property is situated at the heavily trafficked intersection of S Independence Blvd and Princess Anne Rd, providing access to 75,000 vehicles per day.
Endorsed by strong surrounding retail presence, the Property is located in a high-performing retail node in Virginia Beach. Located in the Hampton Roads MSA, the Property is situated in a stable market supported by the United States Navy and The Port of Virginia.
Investment highlights
Shadow anchored by Target on highly trafficked intersection of 75,000 VPD
122,125 population with $110,368 AHHI within a 3-mile radius
100% occupied with 4.6 years of WALT
75% of GLA occupied with national tenants
Upside from below market rents: Sweet Frog, State Farm and Golden China - 48%, 30% and 36% below FMV respectively resulting in a 5.0% 10-year NOI CAGR
Minimal near - term capital required, with recent upgrades to sidewalks, parking lots and facades, as well as a roof renovation performed in 2018
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