Brightspeed | 401-419 W Main St
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Brightspeed 401-419 W Main St
86,152 SF 100% Leased Office Building Charlottesville, VA 22903 $14,982,956 ($174/SF) 5.75% Cap Rate
Investment Highlights
- 20 year Absolute Net Sale Leaseback.
- Tenant is Brightspeed, a subsidiary of Apollo Global Management.
- Annual Rent of $861,520 ($10 PSF).
- Mission Critical Site- Brightspeed/its predecessors have continuously operated at the location for over 70 years.
Executive Summary
The subject property serves as the Central Office (CO) for Brightspeed of Virginia’s telecom and fiber network. This location has served as a Central Office for various telecom companies for roughly 70 years. Because of the physical infrastructure and industry specific function of the building, the property is vitally important to Brightspeed’s physical network. The building itself is approximately 86,152 SF and sits on 1.11 acres in Downtown Charlottesville on Historic West Main Street. The building carries a historic designation on the National Register of Historic Places. West Main Street connects Charlottesville’s Downtown Mall with The University of Virginia. The Downtown Mall is Charlottesville’s historic pedestrian mall that is home to over 120 shops and over 30 restaurants. The University of Virginia is consistently ranked as one of the top public universities in the country, with over 17,000 undergraduate students and a total enrollment just shy of 22,000 students. Charlottesville, VA is rich in history and home to two UNESCO World Heritage Sites: Thomas Jefferson’s Monticello and The University of Virginia. The city itself has a population of roughly 47,000 while the total MSA is home to over 225,000 residents. The region is known for its highly educated workforce, due largely in part to The University of Virginia. Albemarle County surrounding Charlottesville also has a growing defense industry presence that contributes $1.2 billion of regional economic impact annually. The region is known for its natural beauty at the foothills of the Blue Ridge Mountains and world renowned wineries and vineyards.
Property Facts
Sale Type
Investment
Sale Condition
Sale Leaseback
Property Type
Office
Building Size
86,152 SF
Building Class
B
Year Built
1949
Price
$14,982,956
Price Per SF
$174
Cap Rate
5.75%
NOI
$861,520
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
28,717 SF
Slab To Slab
9’
Building FAR
1.80
Land Acres
1.10 AC
Zoning
CX-5
Parking
53 Spaces (0.62 Spaces per 1,000 SF Leased)
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Walk Score ®
Walker's Paradise (99)
Bike Score ®
Very Bikeable (88)
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Brightspeed | 401-419 W Main St
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