Asking Price
NOI Net Operating Income
Cap Rate
Asking Price
NOI Net Operating Income
Cap Rate

Documents

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Attributes

Lease Type NNN
Lease Expiration 2030-02-28
Remaining Term 9 years, 3 months
Tenant Sonabank
Building Area

Property Description

JLL is pleased to exclusively offer the opportunity to acquire the condominium interest in a single tenant, stand-alone property leased to Sonabank in Williamsburg, VA. Sonabank, the 5th largest Virginia based community bank with total assets less than $10 billion, is operating on a NNN ground lease with more than 9 years of remaining term and two (2), five (5) year option periods. The lease features attractive, 2% annual increases throughout the remaining lease term and options.


The offering is also inclusive of a sublease agreement between Sonabank and Coldwell Banker, which provides investors with additional cash flow, especially if the tenant continues to operate at the location beyond their initial term.

Investment Highlights

  • Sonabank is operating on a NNN ground lease with over 9 years of remaining lease term and two (2), five (5) year options. The lease features attractive, 2% annual rental increases throughout the remaining term and option periods 
  • The offering is inclusive of a sublease agreement that is currently in place between Sonabank and Coldwell Banker, which provides investors with additional cash flow
  • The Property is an outparcel to The Shops at High Street – a dominant regional community center encompassing more than 17 acres and 114,000 SF of leasable area. The center is home to an attractive lineup of tenants such as Movie Tavern, VF Outlet, Five Guys and more
  • Sonabank is conveniently situated along Richmond Road (Route 60), providing easy access and visibility for the 25,000 vehicles that pass the Property daily
  • The College of William & Mary is less than 2 miles away and contains an enrollment of approximately 9,000 students. The college was ranked as the 5th best college for undergraduate teaching in 2020 by U.S. News and World Report
  • Colonial Williamsburg, the main tourist attraction in the city of Williamsburg boasting over 550,000 visitors per year, is also just 2 miles away
Last Updated Date: 02 Nov 2020
Marc Mandel
Marc Mandel
Managing Director, Capital Markets
License details
PA - AB068236 DE - RS-0019936 NJ - 0894218
Steve Schrenk
Steve Schrenk
Director, Capital Markets
License details
NJ-1433421

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Last Updated Date: 02 Nov 2020

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