141 Hillcrest Pkwy Chesapeake, VA 23322

This 10,903 SF retail strip center, built in 2006, is 100% occupied and anchored by Sherwin-Williams. The property is offered for sale at $4,760,000, presenting a 6.5% cap rate based on the scheduled year one net operating income. The tenant mix includes Sherwin-Williams (43%), Crave Bakery and Coffee Bar (28%), Mystic Spa (15%) and Cristaldo’s (13.8%). All leases are NNN and feature scheduled rent increases, with a weighted average lease term of 6.3 years. Sherwin-Williams recently signed a 10-year corporately guaranteed lease for 4,715 SF, expected to be complete in July 2023. Situated on 1.95 acres, the property is part of a Planned Use Development shadow anchored by Home Depot, with other tenants including Taco Bell, WaWa, Wendy’s and Zaxby’s. Located less than a mile south of Chesapeake Expressway (Route 168) and just off South Battlefield Boulevard, the location benefits from combined traffic counts exceeding 57,731 vehicles per day. Multiple curb cuts and one signalized intersection provide good access. The property is well-positioned along a major commercial corridor in the Great Bridge Retail Submarket of Norfolk’s MSA.