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Brightview, Norfolk, VA

Brightview

Norfolk, VA

Price $1,172,000
Cap Rate 7.00%
NOI $82,000
Lease Term 10 Years
Lease Type Net Lease, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Excluding Replacement Only Of Roof, Foundation, Exterior Walls, Pavement, And Curbing And Walkways
Rental Increases 5% Rental Increases Every 3.5 Years During Initial Term And 1.5% Annual Rental Increases In Option Periods
Year Built 1987
Building Size 6,371 SF
Lot Size 1.00 Acres (43,560 SF)
Status Available
Lead Broker Information Vincent Aicale
Executive Managing Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Managing Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

10-YEAR NET LEASE WITH RARE ANNUAL RENTAL INCREASES IN OPTION PERIODS
» 10-year net lease to growing medical service provider
» Minimal landlord management, ideal for an out-of-area investor
» 5% rental increases every 3.5 years during the initial term and 1.5% annual rental increases during option periods, providing a hedge against inflation
» BrightView is a private medical services provider that focuses on addiction treatment that now operates 85 medical centers throughout nine states

HIGH-VISIBILITY LOCATION AT THE CONFLUENCE OF SEVERAL HIGH-TRAFFIC THOROUGHFARES
» Conveniently located along Henneman Drive and at the confluence of several high-traffic thoroughfares
» Easy accessibility to Interstate 64, U.S. Route 13/North Military Highway, and Interstate 264 (combined 335,000 AADT)
» Surrounded by notable tenants such as Walmart Supercenter, Target, IKEA, The Home Depot, Lowe’s Home Improvement, Topgolf, ALDI, and many more
» Beneficial proximity to Norfolk Industrial Park (350 acres fully developed with more than 300 businesses)
» Located within 6.5 miles of Norfolk State University (5,016 students) and Old Dominion University (24,932 students, 3,000 employees, $2 billion in annual economic impact)

DENSELY POPULATED AREA WITH EXCELLENT COASTAL VIRGINIA DEMOGRAPHICS NEAR NAVAL STATIONS
» 312,609 residents live within five miles of the property, creating a large and reliable customer base
» Ideal location between Naval Station Norfolk (82,000 active-duty personnel, 112,000 family members, 39,000 civilians) and Oceana Naval Air Station (10,500 military personnel, 10,000 family members, 4,500 civilians)
» Two miles from Norfolk International Airport, which ranks in the top 14% of the country’s airports in terms of passengers served annually with over 3.3 million
» Projected income increases within 1-, 3-, and 5-mile radii over the next five years, poising BrightView and Norfolk for steady concurrent growth
» Located near high-density, single family housing developments and townhouses


Property Description

» The property is conveniently located along Henneman Drive and at the confluence of several high-traffic thoroughfares, with easy accessibility to Interstate 64, U.S. Route 13/North Military Highway, and Interstate 264 (combined 335,000 AADT)
» Located in a growing retail corridor, the property is immediately surrounded by notable tenants such as Walmart Supercenter, Target, IKEA, The Home Depot, Lowe’s Home Improvement, Topgolf, ALDI, and many more, creating significant crossover shopping
» This BrightView property is located within 6.5 miles of Norfolk State University (5,016 students) and Old Dominion University (24,932 students, 3,000 employees, $2 billion in annual economic impact)
» The site greatly benefits from its location between Naval Station Norfolk (82,000 active-duty personnel, 112,000 family members, 39,000 civilians) and Oceana Naval Air Station (10,500 military personnel, 10,000 family members, 4,500 civilians)
» 312,609 residents live within five miles of the property, creating a large and reliable customer base
» Projected income increase within 1-, 3-, and 5-mile radii over the next five years poise BrightView and Norfolk for steady concurrent growth
» The site is located two miles from Norfolk International Airport, which ranks in the top 14%of the country’s airports in terms of passengers served annually with over 3.3 million

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