Property Listing No Longer Available for Sale

1431 Eden Way N, Chesapeake, VA

Others for Sale - $1,670,000 - 5,280 Sq. Ft. on 43560 acres


Property Info

CIMLS#739481
Location
  1431 Eden Way N
  Chesapeake VA 23320
UpdatedAugust 13th, 2014
TypeOthers
Price$1,670,000
Building5,280 Sq. Ft.
Land43560 acres

Property Description

Subject property includes a 5280sf freestanding, single story, single tenant building on a 1 acre parcel of land one mile south of I-64. Asset was built for and is currently occupied by Childtime Learning Centers, a subsidiary of Learning Care Group- the second largest for-profit child care provider in North America. Asset is secured by a 17yr absolute net lease with zero LL responsibilities and attractive rental increases throughout the initial term and each of the two 5 year option periods. Current fixed term has 7 years remaining on it and a CPI (to a max of 10%) rental increase upcoming in 2019. The subject property is ideally situated along a high traffic street within a densely populated residential area. In addition the property is located 1/4 mile from the area's main retail trade corridor, home to numerous national tenants and immediate access to I-64. Asset affords a passive investor the rare opportunity to acquire a prime piece of real estate in a highly desirable area on the east coast, with the additional benefit of a long term net lease in place secured by a best in class tenant and providing above market returns.

Location Description:

Subject property is located along a high traffic street in a densely populated community on the outskirts of Norfolk/Portsmouth in Chesapeake, VA. The site is 1 mile from I-64 and 2 blocks from Greenbrier Parkway, the major retail trade corridor for the area, home to numerous national tenants and Greenbrier Mall. Chesapeake is an independent city in the Hampton Roads MSA and has a population of approximately 232,000, making it the third-most populous city in Virginia. Chesapeake was formed in 1963 by a political consolidation of the city of South Norfolk with the former Norfolk County. Chesapeake is the second-largest city by land area in the Commonwealth of Virginia. Extending all the way from the rural border with North Carolina to the harbor area of Hampton Roads adjacent to the cities of Norfolk, Portsmouth, Suffolk, and Virginia Beach, Chesapeake is located on the Atlantic Intracoastal Waterway and has miles of waterfront industrial, commercial and residential property. In 2011, Chesapeake was named the 21st best city in America by Bloomberg Businessweek. The city has experienced tremendous, consistent population growth fueled by its location and appeal to residents, businesses and tourists alike.

Highlights:

>> Absolute NNN Lease- Zero LL Responsibilities; 17 Year Fixed Term, 6.5 Years Remaining

>> Located In A Densely Populated Area Of The Hampton Roads MSA, SE Of Norfolk/Portsmouth; 200,000+ People Within 5 Miles; Just Off Of I-64

>> Extremely Strong Retail Trade Area; 1 Mile From Greenbrier Mall; Corporate Guaranteed Lease; CPI Bumps Throughout Initial Term & Options; Next Increase 2/19


Financials

Sales Info:

>> Commision split: 0.0%