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15435 Warwick BlvdNewport News, VA 23608
Stoneybrook Shopping Center
Asset ClassRetail
Long-Standing & High Volume Grocery Anchored Center
overview of deal

Overview

Stoneybrook Shopping Center is a 97% leased, 74,340 sf grocery anchored community shopping center located along well-travelled Warwick Blvd adjacent to the Ft. Eustis Military Base. Food Lion sales are very strong at over $617/SF. The center is well-located and recently has benefited from better access with the new Atkinson Way extension connecting Jefferson Ave and Warwick Blvd. Additionally, the property benefits from the retail synergies of its mix of essential restaurant and service-oriented tenants.

 

The high-performing grocer, potential lease-up, sought after tenant synergies, as well as the strategic location make Stoneybrook an exciting investment opportunity.

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Investment Highlights

Grocery-Anchored Stability with Strong Fundamentals

  • Food Lion health ratio below 2% with sales exceeding $617 PSF
  • New Food Lion 10-year early renewal/extension
  • Food Lion and other national tenants make up almost 48% of rental revenue
  • WALT over 6 Years
  • 23-Year Weighted Average Tenure

Daily-Needs Retail Mix

  • Tenant mix comprised completely from essential daily-needs operators

Close Proximity to Major Military Base

  • Fort Eustis Army Base is less than 1-mile from the Property
  • Hosts over 5,000 active-duty soldiers and approximately 4,200 civilian personnel. As a key component of Joint Base Langley-Eustis, it serves as the home to major commands such as the Army Training and Doctrine Command (TRADOC) and the 7th Transportation Brigade

Credit Grocery Anchor with Recent Long-Term Renewal

  • Food Lion demonstrated its commitment to the center exercising an early renewal through September 2035
  • Solid store sales of over $617/sf and excellent heath ratio of 1.2%
  • • Ahold-Delhaize provides an investment grade credit

Region’s #1 Grocery Market Share Leader

  • Food Lion continues to gain market share and has consistently maintained over 40% in the region

Attractive Occupancy with Upside

• Two suites, totaling 2,000 SF provide immediate value-add totaling over $57,200 in revenue upside

• Mark-to-market opportunities provide an additional $30,560 in upside over a 5-year period

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15435 Warwick BlvdNewport News, VA 23608

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