Cap Rate: 5.80%
Net Operating Income: $640,815
Total SF: 50,678
Land Area: 7.20 AC
The subject property is a 50,678 square foot industrial facility leased to FedEx Ground on a net lease. The property is situated near the border of Virginia and North Carolina in an industrial corridor with easy access to Interstate 95, Interstate 85 and Interstate 64, major thoroughfares on the East Coast. The position of the Property allows the tenant to deliver to major metropolitan areas with ease including, but not limited to, Richmond, Norfolk, Raleigh, Durham and Chapel Hill, among others.
The tenant has a long operating history at this site and shows commitment to this location with an early lease extension. There are minimal landlord obligations and the lease is corporately guaranteed. The tenant also has two, 5 year options to renew.
Emporia is an independent city in the Commonwealth of Virginia, surrounded by Greensville County, in the United States. It and a predecessor town have been the county seat of Greensville County since 179. The Bureau of Economic Analysis combines the city of Emporia with surrounding Greensville county for statistical purposes.