Overview

Description

Sands Investment Group is pleased to offer Somerset Crossing, a 104,901 square feet shopping center for sale. The center offers a strong tenant mix of fitness, restaurants and service retail tenants. Somerset crossing is anchored by a strong urban air entertainment franchisee, with a 15-year triple net lease. The property is located within the Washington, DC MSA, just 30-miles west of the Capitol City. Somerset Crossing offers investors stable cash flow currently at 98% occupancy. Gainesville has experienced tremendous population growth over the past twenty years, as the population within a 3-mile radius has quadrupled. Gainesville’s proximity to major employment centers such as Tysons corner, Reston and Fairfax, makes it an ideal choice for metro area employees. The growth story is poised to continue with 10% population growth expected between 2021 and 2026.

Highlights

• Stabilized Shopping Center at 98% occupancy anchored by Urban Air on a 10-year lease (With 2 x 5 year options) 
• Potential for rental income improvement since current rents @ below market at just over $20.00 per/sf (market is about $32.00 per/sf)
• Strong rent growth with most tenants average escalations of 3% annually or 10% every 5 years
• Single vacant end unit with strong tenant interest @ $30.00-$35.00 per/sf
• Strong traffic counts (over 55,000 vpd) at signalized intersection
• Easy access for out of town investors with Dulles International Airport just 22-miles north
• Located in affluent suburban Northern Virginia/Washington DC Market with population of 49,614 and average household income of 169,390 within a 3-mile radius
• Located just 2-miles West of Route 66, the main arterial to DC
• Nearby Retailers Include: Target, Cabelas, Lowe's, WaWa, McDonald's and Bonefish Grill, Best Buy, Regal Cinemas, Hobby Lobby, and Giant Foods

Documents

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