Exmore, VA - Verizon & ABC

Description:

• Verizon recently extended their initial lease an additional 3 years with 3 (3-year) options to extend
• Virginia ABC currently has 6 years remaining on their initial lease with 1 (5-year) option to extend
• Virginia ABC has 2% annual rental increases throughout the initial term and options thereafter, growing NOI and hedging against inflation
• Verizon is headquartered in New York City and with a presence around the world, Verizon generated revenues of $134.8 billion in 2024
• Virginia ABC currently operates approximately 400 state stores and provides alcohol education and prevention programs for people of all ages
• Tenant pays for utilities, taxes, insurance and maintains most aspects of the premises
• Verizon is responsible for Roof, Structure, and HVAC repairs/replacements exceeding $2,000
• ABC is responsible for Roof, Structure, Fire Systems, Electrical Systems, HVAC, Common Areas (tenant reimburses for $1,500 of HVAC expenses per year)
• Ideal, lowmanagement investment for a passive investor

• The site is located directly across from Shore Plaza, a 130,000 SF shopping center, that is anchored by Food Lion, Subway, and Ace Hardware
• Multiple national/credit tenants in close proximity include Walgreens, McDonald’s, Dollar General, Dollar Tree, and many more
• Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for this site
• Furthermore, the asset is near Occohannock Elementary School (369 students) and Broadwater Academy (300 students), increasing consumer traffic to the immediate trade area
• The asset is located along Lankford Highway which averages 18,000 vehicles passing by daily
• The asset has excellent visibility via significant street frontage and a large pylon sign
• More than 11,900 residents and 4,200 employees support the trade area
• $73,391 average household income