For Sale, Net Leased $6,388,866 - Investment Property, Retail
|Sale or Rent Price||$6,388,866|
|Building/Unit size SF||4,021|
|Land Size AC||1.16|
|Sub Type||NNN Ground Lease|
The Seller, through it’s exclusive sales adviser, Coldwell Banker Commercial Elite, is pleased to offer this NNN Ground Lease for sale. The property is leased to BB&T for 20 years with 12 years remaining on the initial term. The lease includes increases every 5 years, there are Four (4), 5-year options to renew and the lease is corporate guaranteed.
- Lease Term: 20 Years | 12 years remaining
- Lease Type: NNN Ground Lease
- NOI (current): $287,499
- Increases: 15% Increase Every 5 years
- Options: Four (4) – 5-Year renewal options
The property is extremely well positioned less than 1 mile off I-95 in Cosner’s Corner, the largest power center in Spotsylvania County. The property fronts Route 1/Jefferson Davis Hwy at the intersection of Route 17 Mills Drive with combined traffic counts at 83,000 ADT.
Cosner’s Corner has nearly 1MM sf of operating retail and office space with large anchor tenants including: Target, Kohls, Petsmart, Dick’s Sporting Goods, Staples, Marshalls, Ross and much more. The development is also home to Spotsylvania Regional Medical Center: a 126 bed hospital, Poet’s Walk: an 80 bed memory care facility, Station Square: a 380 unit Luxury Apartment Community, and the Silver Collection a 274 unit luxury apartment community.
The property is situated on one of the strongest retail corridors in Spotsylvania County and a corridor that is slated for major residential and commercial growth. Over the past 24 months, Spotsylvania County has approved over 8,200 housing units with 3 miles of the site. The additional rooftops will provide additional residents increasing the need for services and ultimately boosting business revenue.
The surrounding area will prove beneficial to the subject properties due to the strong employment and density of businesses, office space, and high residential growth that will feed future investments.