Newport News, VA - DriveTime

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, DriveTime investment property located in Newport News, VA. The tenant, DriveTime Car Sales Company, LLC, has over 5 years of firm term remaining with an additional 4 (5-year) option periods left to extend. The lease features 10% rental increases at the beginning of each option, growing NOI and hedging against inflation. The lease is signed by the corporate entity and is NNN with limited landlord responsibilities, making it an ideal, low-management investment opportunity for a passive investor. Founded in 2002, DriveTime is among the nation’s largest used car dealerships with over 165 locations

DriveTime is strategically located along Jefferson Avenue with clear visibility and access to an average of 49,000 vehicles passing by daily. The asset benefits from nearby access onto Interstate 64 (158,000 VPD), making it a centralized location with easy commutes. The property is ideally situated within a dense retail trade area and is near Hampton Town Centre (358K+ SF), Coliseum Crossing (257K+ SF), Peninsula Town Center (692K+ SF), and other major shopping centers. The surrounding national/credit tenants include Food Lion, O’Reilly Auto Parts, ALDI, Target, Walmart, and CVS Pharmacy, among many others. The strong tenant presence drives a loyal, local consumer base to the area, promoting crossover store exposure and contributing to the local economy. The offering features a 7,677 SF building that is situated on 2.17 acres, providing an ample amount of space for business operations. Furthermore, DriveTime is near numerous single-family communities and multi-family complexes including Pebblestone Gardens (168 units), Harborstone (296 units), Christopher Crossing (531 units), and others. The 5-mile trade area is supported by over 171,900 residents and 93,700 daytime employees, with a healthy average household income of $93,734.

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