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Midlothian, VA - Southern States
1200 Alverser Dr | Midlothian, VA 23113
Description
SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Southern States investment property located in Midlothian, Virginia. The tenant, Southern States, has 2-years remaining on their 10-year lease with 1 (10-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor.
Location
The Southern States is located near the signalized, hard corner intersection of Alverser Dr and Midlothian Turnpike, combining to average over 60,200 vehicles passing by daily. Midlothian Turnpike, is the major retail thoroughfare serving the city of Midlothian. The Southern States is located within 2-miles from Chesterfield Towne Center, a 200,000+ square foot Macy’s anchored shopping mall with many other national/credit tenants, including a JCPenny, Barnes & Noble, Finish Line, TJ Maxx, Specer’s, and more. The asset is adjacent to a 125,000+ square foot Wegmans anchored center, with other national/credit tenants including a Petco, Blaze Pizza, Party City, Panda Express, and more. In addition, Southern States is also within walking distance from a 70,000+ square foot Sam’s Club, and a 85,000+ square foot Walmart Supercenter. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a CVS, Walgreens, Dollar Tree, Target, Macy’s, The Home Depot, Chick-fil-A, Best Buy, and more, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 127,125 and 67,463 employees with an average household income of $150,849.