7.9% Cap | ±40,617 SF Target Shadow Anchored NNN Retail Center | Fredericksburg VA | Fully Leased | $9,580,000
27 South Gateway Drive
Fredericksburg, VA 22406
Highlights
- 100% leased retail strip center with seven (7) tenants including PetSmart and Planet Fitness
- Property is attached and shadow anchored by a strong performing 125,000 SF Target
- Loyal tenant base with a 4.0 year weighted average lease term remaining (WALT)
- Over 61% of GLA is occupied by national tenants
- PetSmart, the strip anchor, has been at the Carter’s Crossing since the original development in 2007
- Both PetSmart and Anytime Fitness recently exercised their option to renew
- Excellent tenant diversity with service retailers, fitness, food & beverage, and medical users
- Located directly off Interstate 95 (170,000 VPD) - the East Coast’s main corridor- at Exit 133
- Located on South Gateway Drive just off of U.S. Route 17 which sees over 44,000 additional vehicles pass by the Property daily
- Site has three different signage locations including two large pylons for maximum exposure
Description
Bull Realty, Inc. is pleased to exclusively offer for sale Carter’s Crossing (the “Property”), a 100% leased, 40,617 square foot community center shadow anchored by a high-performing Target in Fredericksburg, Virginia. The Property benefits from a national tenant roster including PetSmart and Anytime Fitness, which comprise over half of the GLA. Both of these tenants have a proven operating history at this location, and PetSmart has been at Carter’s Crossing since its original development in 2007. Anytime Fitness recently exercised an early 6-year extension contributing to the Property’s approximate weighted 4.0 average lease term remaining.
The Property is located along the main commercial corridor of Fredericksburg (Route 17) just off Interstate 95, the East Coast’s main corridor which sees over 170,000 combined vehicles per day, including 74,900 which pass directly by the Property. Located within a dynamic, infill location in the fast-growing Fredericksburg market.
The Property benefits from the 10.7M SF of retail, 4.8M SF of office, and 8,279 apartment units located within a five-mile radius. All of the Tenants reimburse for operating expenses and pay rent on a NNN basis. This property is available to purchase for $9,580,000 ($235.86/SF), which based on the scheduled rents, and delivers this property to market at a 7.9% cap rate.
Fredericksburg, VA
