Address: 8700 Midlothian Turnpike, Richmond, Virginia, United States 23235
Cap Rate: 6.75%
Lease Type: Triple-Net (NNN)
Annual Rent: $66,300
Net Operating Income: $66,300
Lease Term Remaining: 20 Years
Rental Increases: Two Percent Annually
Options: Six, Five Year Option Periods
Rentable Sq/Ft: 5,158 SF
Rent Sq/Ft: $12.85
Price Sq/Ft: $190
Lot Size: 0.45 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Bob Evans Property. The property consists of approximately 5,158 square feet of building space and is situated on approximately 0.45 acres of land.
The property is subject to a 20-year triple net (NNN) lease with approximately 19 years remaining. The lease commenced on April 28, 2017. The current rent is $66,300 and there are two percent annual rental increases. The increases will continue through the six, five-year tenant renewal options. The tenant is a newly formed entity consisting of all Bob Evans Restaurants. Tenant has the right to terminate this lease at the five year anniversary of the effective date with 360 days notice to Landlord of exercise of termination.
Bob Evans Restaurants was started more than 60 years ago with a single restaurant in Rio Grande, Ohio. The concept has since grown to roughly 500 family restaurants in approximately 18 different states. Their wide variety of menu options appeals to a wide demographic, whether its breakfast, lunch, or dinner Bob Evans has something for everyone. Bob Evans Restaurants generated over$900 million in sales during fiscal year 2016.
This Bob Evans property is located at 8700 Midlothian Turnpike in Richmond, VA. Richmond is the capital of and the fourth most populous city in Virginia. Richmond is located at the fall line of the James River, 44 miles west of Williamsburg, 66 miles east of Charlottesville, and 98 miles south of Washington, DC.
The area surrounding the subject property is home to a wide array of national retailers and shopping centers. Notable retailers within two miles of the property are Big Lots, Marshalls, Walgreens, CVS, Dollar General, Goodwill, and 7-Eleven. There are five car dealerships in the surrounding area that include Hyundai, BMW, Mercedes-Benz, Lexus, Volvo, and GMC. Notable hotels within two miles of the property are Best Western, Extended Stay America, Super 8 Motel, Fairfield Inns & Suites, Holiday Inn, and Hyatt.
Richmond has approximately 62,323 individuals residing within a three-mile radius of the property and more than 167,731 individuals within a five-mile radius. The subject property is located on Midlothian Turnpike, which intersects with Powhite Parkway. Powhite Parkway has an average traffic count in excess of 92,836 vehicles per day. Midlothian Turnpike itself has an additional average traffic count of 104,328 vehicles per day.
Richmond is the center of the Richmond Metropolitan Statistical Area and the Greater Richmond Region. The Richmond Metropolitan Area is the third most populous metro in the state. Richmond’s economy is primarily driven by law, finance, and government, with federal, state, and local governmental agencies, as well as notable legal and banking firms, located in the downtown area. The city is home to both the United States Court of Appeals for the Fourth Circuit, one of 13 United States courts of appeals, and the Federal Reserve Bank of Richmond, one of 12 Federal Reserve Banks. The Greater Richmond area is also home to six Fortune 500 companies: electric utility Dominion Resources; CarMax; Owens & Minor; Genworth Financial; WestRock; McKesson Medical-Surgical, Markel Corporation, and Altria Group. Other Fortune 500 companies, while not headquartered in the area, do have a major presence. These include SunTrust Bank, Capital One Financial Corporation, and the medical and pharmaceutical giant McKesson. DuPont maintains a production facility in South Richmond known as the Spruance Plant. UPS Freight, the less-than-truckload division of UPS and formerly known as Overnite Transportation, has its corporate headquarters in Richmond.
Broker of Record: Bryn Merrey – License # 0225215804