Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a Sam’s Club located in Norfolk, VA. The property features a long-term triple net (NNN) ground lease with Sam’s East, Inc. There are no landlord responsibilities per the lease. Norfolk has the second-largest concentration of military personnel in the nation, with Norfolk hosting the world's largest naval base, accommodating over 82,000 active-duty personnel, 112,000 family members, and 39,000 civilians. The property is conveniently located four miles from Norfolk International Airport, serving as the primary commercial airport for Southeast Virginia and Northeast North Carolina, supporting both military operations and contributing significantly to the regional economy through tourism and business travel. The subject property sits adjacent to an extremely high-performing Walmart Supercenter. The Walmart Supercenter is notably ranked 1st out of 12 in a 15-mile radius (100th Percentile), 3rd out of 112 in Virginia (98th Percentile), and 173rd out of 3,867 nationwide (95th Percentile) in foot traffic rankings as reported by Placer.ai. Accessible from the Hampton Roads Beltway (Interstate 64) with over 138,000 daily vehicles, the property is a vital route for commuters, providing access to Norfolk International Airport, Downtown Norfolk, and the Port of Virginia. It intersects with other significant highways, including I-264 and I-564. Within three miles, the population exceeds 110,000, and within seven miles, it surpasses 330,000, with an average annual household income of $80,453 within five miles, projected to reach $101,290 by 2027. Surrounding national brands include Walmart Supercenter, Walmart Neighborhood Market, Aldi, Harris Teeter, Food Lion, Big Lots, Citi Trends, Planet Fitness, Ross, Marshall’s, Mattress Firm, Family Dollar, Dollar Tree, Honda, Jeep, Tesla, Advance Auto Parts, AutoZone, Verizon Wireless, Game Stop, Great Clips, GNC, Truist Bank, Bank of America, Ruby Tuesday, Applebee's, McDonald’s, Wendy’s, Burger King, Taco Bell, Firehouse Subs, Moe’s Southwest Grill, Chipotle, Hardee's, Papa John’s Pizza, 7-Eleven, Wawa, CVS, Walgreens and many more. Sam’s East, Inc. has subleased the property to Old Time Pottery. The property was subleased without landlord approval needed and no release of Sam’s East, Inc. from the lease. Sam’s Club closed at this location in January 2018 and has paid rent in full and on schedule thereafter.