Newport News, VA - DriveTime

Description:

• The tenant has over 1 year remaining on lease with 3 (5-year) option periods left to extend
• The lease features 10% rental increases at the beginning of each option
• The lease is signed by the corporate entity
• Founded in 2002, DriveTime is among the nation’s largest used car dealerships with over 140 dealerships and 15 reconditioning centers

• Strategically located along Jefferson Avenue with clear visibility and access to an average of 44,000 vehicles passing by daily
• The asset benefits from nearby access into Interstate 64 (162K VPD), making it a centralized location with easy commutes
• The dense trade area is home to Hampton Town Centre (358K+ SF), Coliseum Crossing (257K+ SF), Peninsula Town Center (692K+ SF), and more
• The nearby tenants include Food Lion, O’Reilly Auto Parts, ALDI, Target, Walmart, CVS Pharmacy, and many others
• The strong tenant presence drives a loyal, local consumer base to the area, promoting crossover exposure and contributing to the local economy