Overview
KLNB Retail Capital Markets is pleased to present for sale the fee simple interest in The Central Park Strip Center, an 11,400 SF retail center situated on 1.29 acres positioned within Virginia’s most visited retail community center, Central Park Marketplace in Fredericksburg. 100% occupied by three destination tenants: Big Screen Store, Southern Accents, and Fujiya House, the asset benefits from cross shopping within the larger shopping center, close proximity and pylon sign visibility, to Interstate (I-95) which sees 202,070 VPD, and strong weighted average lease term of 6.3 years. Offered to market for the first time in nearly 20 years, the asset offers both stable cash flow, long-term tenants and a tremendous location within the heart of the primary retail node in Fredericksburg, Virginia.
Investment Highlights
- Stabilized strip center with a healthy weighted average lease term of 6.3 years, with the nearest lease expiration not occurring until 2029, providing relatively hands-off management in the early stages of ownership
- The Big Screen Store provides regional credit with 11 locations located between Maryland and Virginia and Southern Accents has 3 locations across Fredericksburg
- Positioned within Central Park Marketplace, the most dominant community shopping center in Virginia per Placer.ai, with 8.7 million annual visitors, per Placer.ai
- Located directly off Interstate 95 (I-95), with pylon sign visibility, that sees 202,070 VPD
- Average household income of $124,256 within a 3-mile radius, with income levels expected to grow 1.95% annually through 2023
- Centrally located along I-95 and only 53 miles from Washington, D.C., 57 miles from Richmond, VA and 100 miles from Baltimore, MD
Growing, affluent submarket, in close proximity to multiple economic anchors
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