Single-Tenant, Office and Retail Properties

Markets

  • Within 150-200 miles of Blacksburg VA, including western NC and eastern TN, but excluding the state of WV.
  • Secondary and tertiary markets. >20,000 population within five miles. County seats preferred.
  • Positive population growth, diverse employment base, steady trend in HH incomes.

Price Range

$500,000 – $7.0 million

Age

2005 or newer

Property Profile

Freestanding building, single-tenant occupancy or owner-occupied. NNN lease.

Preferred Tenant Type

  • Retail: auto parts, consumer electronics, dollar stores
  • Office: medical, government, bank, finance, regional or national headquarters
  • Restaurant: strong brand, corporate endorsement preferred; franchisee lease accepted subject to financial review

Underwriting

  • Current valuation parameters for income-producing properties require a minimum 7% cap rate.
  • Higher valuation will be given to tenants with investment grade credit, i.e. S&P BBB- or higher.
  • It will save all partiers time and effort if the lease or an abstract can be made available prior to LOI.

Typical Due Diligence Deliveries

  • 3-year historical operating statements
  • Lease & lease amendments; gross sales reports; tenant financials
  • Current survey, title policy if available;
  • Available 3rd party reports; e.g. environmental, structural/condition report, etc.
  • Any contracts to be assumed
  • If mortgage is to be assumed, copies of the Note, covenants and defeasance agreement, if any.

Closing

Typically a 30-day due diligence period; 30-45 day closing period.

Brokerage Fees

Seller responsible for commissions by prior agreement with broker.

Submissions

Please send information for acquisitions to acquisitions@parkrealty.com (PDF files preferred), or call Jared Alcorn at 540-808-4745.

Send Us Your Property

Our Affiliates

The Blacksburg Partnership Boma International International Council of Shopping Centers Montgomery County Chamber of Commerce New River Valley Economic Development Alliance

Let us help you open or relocate your business in the New River Valley