Overview
Berryville Plaza presents a multi-faceted value-add opportunity in Winchester, VA., anchored by Harbor Freight and Food Maxx supermarket. The property has current in-place rents estimated almost 80% below market, with several leases still on fixed CAM structures, leaving substantial room for NOI growth as the rent roll resets. Further, a landlord termination right embedded in the anchor’s recent extension gives a future owner the optionality to recapture and re-tenant the grocery space. A separately-owned pad has been leased to a national coffee tenant, adding a strong traffic-generator that will strengthen the site’s overall tenant mix. The property’s location just off I-81—with over 550 feet of frontage on Berryville Avenue and combined traffic counts approaching 100,000 VPD—provides exceptional visibility and long-term retail durability. Together, these dynamics position the asset for significant rent growth, re-tenanting upside, and appreciation potential.
Investment Highlights
- Berryville Plaza offers an exciting value add opportunity driven by below-market in-place rents and a favorable rollover schedule
- Anchored by Food Maxx, an international grocer that has occupied the property since 2011. Recently executed a five-year lease extension through May 2031, including a landlord termination right after the first year of the extension term
- New lease with a national coffee operator on a separately owned pad will increase traffic to the center
- More than 550 feet of frontage along Berryville Avenue, one of Winchester’s primary commercial corridors. Prominent pylon signage and signalized access to approximately 27,000 VPD on Berryville Avenue
- Directly off I-81, primary trucking and consumer artery through Virginia with 73,000 VPD
- High growth market - 55,000 residents within 3 mile radius, projected to increase .95% annually through 2030
Demographics
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