100% Lease to Credit Tenants Retail Opportunity in Newport News, Virginia
A stabilized credit multi-tenant commercial centre with excellent visibility, long-term leases in place, excellent cash flow and a very strong upside in the US state of Virginia.
- The property is 100% Leased Triple Net (NNN) with 4 Credit Tenants averaging 2.5% yearly rent increases
- Tenants have 5 contractual term renewals coming up within the next 4 years
- The cash flow is projected to be above 10% and the IRR over 30% per year each year
- Debt required – circa $3.6m
- Equity required – circa $1.6m
- Strong developer/sponsor track record
- 35 year track record will effectively manage the property
- Sponsor has pre-existing 35 year business relationship with the Seller
- Sponsor has managed this asset for 18 years for the Seller and has a network of brokers and maintenance professionals