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Truist Bank Ground Lease 849 Kempsville Rd

2,356 SF Retail Building Virginia Beach, VA 23464 $2,133,000 ($905/SF) 6% Cap Rate

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INVESTMENT HIGHLIGHTS

Absolute Net Ground Lease | Zero landlord responsibilities
Corporate lease | Truist Bank | 2,781 locations across 15 states
Outparcel of Fairfield Village Shopping Center | Approx. 200K SF of retail space | Food Lion & TJ Maxx anchored | Recent renovations

Strong tenant commitment to site | Lease commenced in 1977 with recent 7-year extension to begin in 2025
Strong deposit base at $105M
$1.5M spent on center CapEx | Including repaving of drive aisles, upgraded lighting and under-canopy, new sidewalks, new paint, and roof replace

EXECUTIVE SUMMARY

Ransome Foose and Carl Brendes of Berkeley Capital Advisors are pleased to present for sale Truist Ground Lease in Virginia Beach, VA. We welcome your review of this attractive investment.

PROPERTY FACTS

Sale Type

Investment NNN

Sale Condition

Ground Lease (Leased Fee)

Property Type

Retail

Property Subtype

Bank

Building Size

2,356 SF

Building Class

Year Built

1977

Price

$2,133,000

Price Per SF

$905

Cap Rate

NOI

$127,980

Tenancy

Single

Building Height

1 Story

Building FAR

0.09

Lot Size

0.60 AC

Zoning

Parking

16 Spaces (6.79 Spaces per 1,000 SF Leased)

AMENITIES

Bus Line

Pylon Sign

Drive Thru

MAJOR TENANTS

Finance and Insurance
2,356 SF
-
Triple Net
Nov 2032

At Truist, their purpose is to inspire and build better lives and communities. That happens through real care to make things better. To meet client needs, to empower teammates, and to lift up communities. Their belief in better is at the core of everything that they do, every day. They are one team united by their purpose, mission, and values. Working together to take care of people is more than the words they say—it’s who they are. Great leaders change their world for the better. The best ones inspire people to live with a winning mindset. They have developed a culture of leadership that empowers others to be their best. The Truist Executive Leadership team is made up of diverse, seasoned leaders—committed to building better for their clients, teammates, and communities.