Asking Price
NOI Net Operating Income
Cap Rate
Asking Price
NOI Net Operating Income
Cap Rate

Documents

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Attributes

Year Built 1998
Building Area

Property Description

Jones Lang LaSalle Americas, Inc is pleased to exclusively offer a premier net lease opportunity to acquire a single tenant Kroger Grocery Store (The Property) located in Suffolk, VA. Kroger recently purchased this lease from Farm Fresh, recognizing there was limited grocery competition in the immediate area - the nearest Kroger location is more than 9 miles away. They also recently renewed their lease and officially opened for business at this location in December 2018, thus reaffirming their commitment to the site. Additionally, Kroger subleases approximately 14,000 square feet of its space to Belk, a tenant in the adjoining property. This sublease was in-place prior to Kroger’s occupancy. Suffolk, VA, located near Norfolk, is a fast-growing suburb which has seen population growth of 5% in the past 8 years. The Property is in the heart of the Suffolk retail corridor on Main Street and is surrounded by notable national retailers such as Walmart, Lowe’s, Starbucks, Chick Fil A, and Panera. The Property has exposure to over 26,000 VPD at a fully signalized intersection. Suffolk is in the Hampton Roads MSA with miles of waterfront property on the Nansemond and James River, and is the largest city in Virginia by land area, as well as the 14th largest in the Country. 

Investment Highlights

  • The Kroger Co. is one of the world’s largest food retailers, with fiscal 2019 sales of $122.3B and an investment grade credit rating of BBB Stable (S&P)
  • Limited grocery competition with only ALDI, Food Lion and Walmart located within three miles of the property
  • Population growth over 5% in the past 8 years within 5 miles of the property
  • Well located asset situated in the main retail corridor in Suffolk with exposure to over 26,000 VPD and is surrounded by various national retailers such as Walmart, Lowe’s, Starbuck’s, Chick Fil A and Panera Bread to name a few
  • With proximity to Norfolk, Suffolk has benefited from the strong military presence in the area and has grown rapidly as a result. The consistent demand from the government agencies in the area has driven various corporations and suppliers of the military to the area, most notably Lockheed Martin and Raytheon


Last Updated Date: 02 Nov 2020
Marc Mandel
Marc Mandel
Managing Director, Capital Markets
License details
PA - AB068236 DE - RS-0019936 NJ - 0894218
Steve Schrenk
Steve Schrenk
Director, Capital Markets
License details
NJ-1433421

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Last Updated Date: 02 Nov 2020

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