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LENDER OWNED, ANCHORED RETAIL OPPORTUNITY | INFILL LOCATION ADJACENT TO THE REGION’S LEADING INDOOR MALL
LYNNHAVEN NORTH SHOPPING CENTER2720 – 2780 NORTH MALL DRIVE | VIRGINIA BEACH, VA
RETAIL OFFERING | HAMPTON ROADS MSA, VIRGINIA BEACH, VA
EXECUTIVE SUMMARY
The OfferingCushman & Wakefield | Thalhimer in conjunction with RealINSIGHT Marketplace is pleased to exclusively offer for sale, Lynnhaven North Shopping Center in Virginia Beach, Virginia (“the Property”). The 175,731 SF, big box-anchored regional center is comprised of three parcels totaling ±16.76 acres within the larger Lynnhaven North retail development. With an ideal location immediately adjacent to the 1.17MM SF Lynnhaven Mall – Hampton Roads’ best performing indoor shopping mall – the asset enjoys shared access and visibility with virtually all major retailers in the trade area. The Property is currently 76.5% leased to a diverse, 26 tenant roster* including publicly traded national users, The Tile Shop (NASDAQ: TTS), Dollar Tree (NASDAQ: DLTR; Moody’s Baa3) as well as regional leader, Goodwill of Central and Coastal Virginia.
With a geographically constrained infill location, the Property caters to an established, densely developed trade area with over 243,000 residents and an average household income of over $84,000 within a five mile radius. Bound by Lynnhaven Mall to the south, The Naval Base Oceana to the east, heavily traveled interior artery Lynnhaven Parkway (47,000 VPD) to the west and major Hampton Roads Connector I-264 to the north, the location provides for high barriers to entry. Since 2016, nearly $770,000 has been invested in capital improvements to the Property. The asset represents a rare opportunity to acquire a cash flowing asset in a proven submarket at discount to replacement cost while having multiple exit strategies and avenues to create value.
Lynnhaven North Shopping Center
PROPERTY
175,731 SF
TOTAL GLA
76.5%*
OCCUPANCY
±16.76
ACREAGE
1985-1988
YEAR BUILT
26*
NUMBER OF TENANTS
The Tile Shop 22,000 SF
Goodwill 13,000 SF
Dollar Tree 9,000 SF
Rainbow 9,000 SF
SIGNIFICANT TENANTS
$11.35/SF NNN
WEIGHTED AVERAGE IN PLACE RENT
September 24 – 26
AUCTION DATES
* 4,540 SF lease out for signature - not reflected in 76.5% occupancy and 26 tenant count figures
Investment Highlights
A highly sought after tourist destination, Virginia Beach boasted record breaking tourism numbers in 2017 with over 19 million visitors, spending over $2.45 billion on tourism throughout the year
Excellent location in Virginia Beach’s premier retail destination next to the region’s top performing indoor shopping mall: Lynnhaven Mall, 1.17 million SF with national anchors Macy’s, Dick’s Sporting Goods, JCPenney and Dillards
Historically strong market fundamentals with high barriers to entry for new product. Existing vacancy in the submarket is 4.2% and average asking rent is $15.68/SF NNN
Cash flowing asset with potential for upside through lease up of existing vacancy, streamlining of management operations and exploring the potential for reduction of basis by sale of individual parcels and buildings
Established trade area with solid demographics, with over 243,000 residents and average home values exceeding $330,000 within a five mile radius
Conveniently located less than 1.5 miles from major Hampton Roads connector – I-264, the property is approximately 6.5 miles equidistant between the oceanfront and Virginia Beach Town Center
Infill location, surrounded by dense residential and commercial development just off of major Virginia Beach corridor, Lynnhaven Parkway (47,000 VPD)
Below market in-place rents at the property are over $4.25/SF NNN lower than average asking rent in the submarket
1 MILE 3 MILES 5 MILES
2018 POPULATION 9,105 98,698 243,002
2018 AVG. HOUSEHOLD INCOME $68,194 $72,112 $84,100
AVERAGE HOME VALUE $232,905 $269,466 $333,232
Demographics
SOFT GOODS
54.0%HOME GOODS
13.0%RESTAURANT
6.0%
SERVICE
5.0%MEDICAL
2.0%AVAILABLE
23.5%
TENANTCOMPOSITIONBASED ON GLA
ROAD TRAFFIC COUNT
LYNNHAVEN PARKWAY 47,000 VPD
LYNNHAVEN ROAD 16,000 VPD
Traffic Counts
NATIONAL NEARBY RETAILERS
Aerial
THE PROPERTY (NOA) NOT A PART PARKING EASEMENT
R E TA I L I N V E S T M E N T A D V I S O R S F I N A N C I A L A N A LY S T
Bo McKown [email protected] 804 697 3420
Catharine [email protected] 344 7140
Calvin Griffith [email protected] 804 344 7158
Thalhimer Center11100 West Broad StreetGlen Allen, VA 23060
Joe Kennedy [email protected] 757 213 4151
L E A S I N G A D V I S O R
Chris Rouzie [email protected] 757 596 2897
click for more information and to downloadCONFIDENTIALITY AGREEMENT
