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Avison Young’s Maling-Barnes Team brings essential, single-tenant retail property occupied by PetSmart to market20 Aug 2020
Los Angeles – On behalf of its seller client, Avison Young Principals Chris Maling and David Maling of the Maling-Barnes Team and Principal Josh Peyton, are pleased to announce they have brought to market an essential, single-tenant retail property occupied by PetSmart. Located at 4026-B Ward Road in Lynchburg, VA, the 19,235 square-foot property is being offered to qualified buyers for $4.06 million with a cap rate of 6.8 percent.
“This institutional-quality asset offers a buyer all the coveted fundamentals when it comes to single-tenant retail investment in today’s economic environment,” said Chris Maling. “It features an essential tenant with 11 years remaining on its triple-net lease, no landlord responsibilities, and an excellent freeway-close location within a densely populated trade area.”
Situated on just under two acres of land, the property was built in 2001 and offers 100 surface parking spaces. It is part of the 285,000-sf Wards Crossing Shopping Center which also includes retailers such as Target, Best Buy, Barnes & Noble, Michael’s, and Bed Bath & Beyond, among others. The property is located across from Liberty University, of the Virginia’s largest universities with more than 15,000 students, and is adjacent to the U.S. 460/U.S. 29 freeway interchange which provides excellent visibility and access.
For additional details on the property, click here.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises thousands of real estate professionals in more than 100 offices around the world. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
Avison Young is a 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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For more information:
• Darcie Giacchetto, Places Public Relations: 949.278.6224