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Bank

BB&T (Dark)

9659 Jefferson Davis Hwy, Fredericksburg, VA 22407

Listing Price: $4,700,000

Cap Rate
8.09%
Tenant Name
BB&T
Years Remaining On Lease
5.4
Gross SF
4,021
Guarantor
Corporate Guarantee
Rentable SF
4,021
Price/Gross SF
$1,168.86
Lease Type
Ground Lease
Rent Per Square Feet
$94.56

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a BB&T ground lease in Fredericksburg, Virginia. The property consists of a 4,021-square-foot, freestanding building that sits on approximately 1.16 acres of land. There are approximately 5.3 years remaining on the current lease term. Although BB&T has vacated the premises, they are still obligated for approximately $1,900,000 in future rent obligations. At the asking price, an investor should be able to lower their basis in the property considerably, recapturing approximately 40 percent of their initial investment over the remaining lease term. The property is located at a signalized hard corner on Spotsylvania Parkway with easy access to Interstate 95 and Jefferson Davis Highway, where combined traffic counts exceed 123,470 vehicles per day. The area is extremely dense with more than 84,944 residents within a five-mile radius. Surrounding retailers in the immediate area include Target, Publix Super Market, Kohl’s, Planet Fitness, Ross Dress for Less, Marshalls, PetSmart, Taco Bell, Starbucks, CVS, AutoZone and many more.

Investment Highlights

  • Tenant is Responsible for Approximately $1,900,000 in Future Rent Obligations
  • Ground Lease Lease with Approximately 5.3 Years Remaining
  • Signalized Hard Corner Location on Spotsylvania Pkwy Near Two Major Highways (I-95 and Jefferson Davis Hwy)
  • Located in the Largest Mixed-Use Development in the County (Cosner's Corner; 980,000-SF)
  • More than 82,665 Residents Within a Five-Mile Radius
  • Large 1.16 Acre Outparcel to Publix Super Market (2018 Construction)

Exclusively Listed By

Listing Price: $4,700,000

Cap Rate
8.09%
Tenant Name
BB&T
Years Remaining On Lease
5.4
Gross SF
4,021
Guarantor
Corporate Guarantee
Rentable SF
4,021
Price/Gross SF
$1,168.86
Lease Type
Ground Lease
Rent Per Square Feet
$94.56

Investment Highlights

  • Tenant is Responsible for Approximately $1,900,000 in Future Rent Obligations
  • Ground Lease Lease with Approximately 5.3 Years Remaining
  • Signalized Hard Corner Location on Spotsylvania Pkwy Near Two Major Highways (I-95 and Jefferson Davis Hwy)
  • Located in the Largest Mixed-Use Development in the County (Cosner's Corner; 980,000-SF)
  • More than 82,665 Residents Within a Five-Mile Radius
  • Large 1.16 Acre Outparcel to Publix Super Market (2018 Construction)

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a BB&T ground lease in Fredericksburg, Virginia. The property consists of a 4,021-square-foot, freestanding building that sits on approximately 1.16 acres of land. There are approximately 5.3 years remaining on the current lease term. Although BB&T has vacated the premises, they are still obligated for approximately $1,900,000 in future rent obligations. At the asking price, an investor should be able to lower their basis in the property considerably, recapturing approximately 40 percent of their initial investment over the remaining lease term. The property is located at a signalized hard corner on Spotsylvania Parkway with easy access to Interstate 95 and Jefferson Davis Highway, where combined traffic counts exceed 123,470 vehicles per day. The area is extremely dense with more than 84,944 residents within a five-mile radius. Surrounding retailers in the immediate area include Target, Publix Super Market, Kohl’s, Planet Fitness, Ross Dress for Less, Marshalls, PetSmart, Taco Bell, Starbucks, CVS, AutoZone and many more.

Exclusively Listed By

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