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Location: Midlothian, VA
Acquired: May 2003
Type: Retail
State: Virginia

All Portfolio Properties

Midlothian Station Shopping Center

A multi-tenanted, mixed use neighborhood shopping center containing 66,165 square feet of rentable space on 8.3 acres. Constructed in 1981.

Intrinsic Value

Purchase price below comparable prices in the market and significantly below replacement cost. Proforma capitalization rate is 100 basis points above comparable sales.

Upside Potential

Below Market Rents – Market surveys suggest the property rents are $2.00 to $5.00 per square foot below comparable property rents, providing the opportunity to increase revenue as leases expire.

Property Fundamentals

Strong Location – Well situated in a growing residential and commercial community accessed by major roadways and high daily traffic counts. Household income in the area is over $55,000 and demographics are trending upwards.

Stable Tenancy – 100% occupancy at acquisition. At least 98.5% occupancy in each of the three years preceding acquisition.