Newly Constructed, NNN Leased Outparcel Opportunity ...
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Newly Constructed, NNN Leased Outparcel Opportunity | Dense Infill Location in the Richmond, VA MSA DUNKIN’ DONUTS 8461 MIDLOTHIAN TURNPIKE | RICHMOND, VA Executive Summary REPRESENTATIVE PHOTO
Transcript of Newly Constructed, NNN Leased Outparcel Opportunity ...
Newly Constructed, NNN Leased Outparcel Opportunity | Dense Infill Location in the Richmond, VA MSA
DUNKIN’ DONUTS8 4 6 1 M I D L O T H I A N T U R N P I K E | R I C H M O N D , V A
Executive Summary
REPRESENTATIVE PHOTO
EXECUTIVE SUMMARY
The OfferingCushman & Wakefield | Thalhimer is pleased to exclusively offer for sale, a freestanding, infill, NNN leased Dunkin’ Donuts location (“the Property”) in one of Richmond, Virginia’s most active retail markets. Currently under construction, a brand new 10-year triple net lease with annual rent escalations is slated to commence October 1, 2017. The lease is guaranteed by successful, 20-unit operator Virginia Donuts XIX, LLC.
The Property is ideally located along primary commercial corridor, Midlothian Turnpike at the intersection of Powhite Parkway (Virginia Route 76) with exposure to combined traffic counts of over 114,000 vehicles per day respectively. Situated on ±0.76 acres, the 1,950 SF, drive-thru unit will serve as an outparcel to Big Lots and Goodwill anchored Midlothian Crossing Shopping Center and will benefit from superior visibility, signage and convenient access from Midlothian Turnpike.
TENANT D/B/A
Dunkin' Donuts
PRICE
$1,277,000
CAP RATE
5.50%
ACREAGE
±0.76
ZONING
C-5
RENTABLE SF
1,950
YEAR BUILT
2017
LEASE STRUCTURE
NNN
EST. RENT COMMENCEMENT
January 1, 2018
INITIAL BASE TERM
10 Years
OPTION PERIODS
Two (2), five (5) year options
RENT ESCALATIONS
2% annual
YEAR 1 NOI
$70,200
2017 DEMOGRAPHICS 1 MILE 3 MILE 5 MILE
Estimate Population 5,242 61,846 167,052
Estimated Employees 5,388 43,619 82,289
15-29 Minute Work Travel Time 51.7% 52.4% 50.6%
Investment Highlights
Strategic Positioning
Convenient location along one internal artery between major Richmond connectors Powhite Parkway and Chippenham Parkway exposing the property to direct traffic counts in excess of 57,000 vehicles per day along Midlothian Turnpike
Outparcel Location
Shadowed by 100% leased, 88,000 SF, anchored Midlothian Crossing, the Property will benefit from shared, signalized signage, access and retail traffic generated by the center
Attractive Lease Terms
A brand new guaranteed lease with a proven operator will have a ten-year term and rare annual base rent escalations providing stable and increasing income over the hold period
Passive Income
NNN lease structure provides for passive investor income and minimal landlord obligations throughout the term of the lease
Strong Demographics
Proximity to established neighborhoods along with major employment hub, Arboretum Office Park, exposes the asset to more than 61,800 residents and 43,619 employees within a three mile radius
RockwoodPark
PocahontasState Park
Lewis GinterBotanicalGardens
JamesRiver
JamesRiver
JamesRiver
AppomattoxRiver
LakeChesdin
SwiftCreek Reservoir
Dutch GapConservation Area
Presquile NationalWildlife Refuge
895
150
76
6
76
250
250
250
6060 60
60
60
33
1
301
301
360
360
301
301
301
301
360
360
360
250
Robious Road
River Road
W. Broad Street
Nuckols Road
Laud
erda
le Driv
e
Monument Avenue
Midlothian Turnpike
Powhit
e Par
kway
288
288
288
288
64
95
95
95
64
64
295
295
295
295
295
295
295
64
64
INNSBROOK
SCOTT’SADDITION NORTHSIDE
CARYTOWN FAN DISTRICT
GRANITE
NEAR WEST END
SOUTHRICHMOND
MANCHESTER
BRANDERMILL
CLOPTON
DOWNTOWN
Short Pump Glen Allen
Lakeside
VarinaBensley
Bellwood
WilkinsonTerrace
WoodlakeMoseley
Hallsboro
Midlothian Bon Air
Holly Hills
Lorraine
Tuckahoe
University ofRichmond
RichmondInternational
Raceway
RichmondInternational
Airport
Ashwoods
Subletts
Woods Acres
Auburn Chase
Manakin-Sabot
Amber Lake
Wheatlands
Wingmead
WyndhamPoindexters Ashcake
Atlee
Chamberlayne
East HighlandPark
HighlandSprings
Montrose
WilliamsonFarms
WhitlockEstates
YahleyMills Estates
BermudaHundred
HopewellWindsor Hills
Chester
Chesterfield
Winterpock
Henrico
RICHMOND
Mechanicsville
ChesterfieldCounty Airport
DUNKIN’ DONUTS
I N V E S T M E N T A D V I S O R F I N A N C I A L A N A LY S T
Calvin Griffith [email protected] 804 344 7158
Catharine [email protected] 804 344 7140
