New Long Term NNN Lease – Strong Rent Growth – Passive Investment – The new 10-year lease commenced in February 2017 and provides for 10% rent increases every five years in the Primary Term as well as in the (4) 5-year Option Periods, providing an investor with passive income and solid rent growth. In addition, the NNN lease gives the Landlord minimal management responsibilities. The Tenant is responsible for property taxes, insurance, portions of the building, landscaping, and the parking lot.
Strong Publicly Traded National Tenant – Corporate Lease Guarantee – Shoe Carnival, Inc. (NASDAQ: SCVL) is one of the nation’s largest family footwear retailers since 1978, with both online and brick & mortar store operations. As of January 9, 2017, the Company operates over 400 stores in 35 states in the Midwest, South, and Southwest regions of the United States and Puerto Rico. The lease features a corporate guarantee from Shoe Carnival, Inc.
Located Within 100% Leased Target & Best Buy Anchored Power Center – The Shoe Carnival is located within the 100% leased 230,120 SF Valley View Crossings shopping Center, a Target anchored power center which includes other retailers Best Buy, PetSmart, Staples, Ruby Tuesdays, Gamestop and Men’s Wearhouse.
Adjacent to 800,000 SF Valley View Mall – The property sits adjacent to the Valley View Mall, an 800,000 square foot regional shopping center with major retailers including Dick’s Sporting Goods, Macy’s, Barnes & Noble, Old Navy, Wal-Mart Supercenter, Belk, ULTA, and many more.
Located Along Interstate 581 – Excellent Visibility – Dense Retail Trade Area – The property is ideally located along Interstate 581, providing easy on/off access via the Valley View Blvd exit, for quick access to/from Downtown Roanoke. This outstanding location offers excellent visibility to 67,000+ vehicles per day and is surrounded by over 2,000,000 square feet of retail within a 1-mile radius.
Highly Desirable Market – Diverse Economy – One of Virginia’s Largest Metropolitan Regions – The Roanoke Region has one of the most diverse economies in Virginia due to low costs and high productivity to meet the needs of industries from electronics to software to shared services and more. As a result, more than 325,000 people call the region their home and more than 1,000,000 others who use it as their regional center for jobs, transportation, entertainment, and health care.