Manassas, VA - McLean Bible Church

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, freestanding, McLean Bible Church investment property located in Manassas, VA. The tenant, McLean Bible Church, has been operating from this location for over 15 years and recently exercised a 7-year extension, demonstrating their commitment to this location. The lease features 3% annual rental increases throughout the initial term, steadily growing NOI and hedging against inflation. The lease is NNN leased making it an ideal, low-management investment opportunity for a passive investor. The Church also features a new roof that was recently added and has a 15-year warranty. This helps limit future capital expenditures for the landlord.

The property is located along Battleview Parkway, which averages 12,000 vehicles passing by daily and is a retail thoroughfare serving the city of Manassas. The asset is also positioned near Interstate 66 (150,000 VPD), which is a major east/west travelling commuter thoroughfare. The church is positioned less than a mile east of Parkridge Center, a 332,000 square foot power center that also features national/credit tenants including Kohl’s, Old Navy, and Regal Theatres. A portion of Parkridge Plaza has been planned to be reveloped into 363 townhomes/stacked condos that will replace about half the existing retail space. Additionally, the asset is located just northeast of Bull Run Plaza, a 414,000 square foot power center that is anchored by Michael’s, Marshalls, and Dick Sporting Goods. Furthermore, the site is positioned just north of Sudley Towne Plaza, a 229,000 square foot center anchored by Big Lots, Burlington, and Best Buy. The property is in the center of a primary retail corridor with other nearby national/credit tenants including The Home Depot, Lowe’s Home Improvement, Costco Wholesale, Sprouts Farmers Market, ALDI, Dollar General, and more, further increasing consumer traffic to the site. The 10-mile trade area is supported by a population of over 533,400 with an affluent average household income of $192,636.