Lee Highway Office Portfolio

Office for Sale
Catylist Listing ID: 30766832
Property Subtypes: Business Park, Governmental, Medical, Mixed Use, Flex Space, Net Leased, Office Building
Building Size (RSF): 45,802 SF
Gross Building Area: See Agent
Gross Land Area: 6.55 Acres
Sale Price: $12,715,750
Unit Price: $277.62 PSF
In Opportunity Zone? Yes
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: Preston Square and Social Security Building
Class of Space: Class A
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 100
Last Updated: 10/13/2021

Overview / Comments

Broker Glenn Perkins and TCI Group-Jerry Petzoldt Agency are pleased to present to all qualified investors the opportunity to acquire a 100% fee simple interest in two exceptional office buildings with entrances within 600 feet of each other on the Lee Highway in Bristol, Virginia. Multi-tenant and single tenant net leased commercial buildings consisting of 45,802 combined square feet of space situated on 6.55 combined acres.

Preston Square is a multi-tenant net leased building located along busy Lee Highway and Blevins Blvd at signaled intersection. This facility is a 2-story, 32,202 sq ft office building on 4.01 acres constructed in 1996. 100 % leased, the current tenants are a vibrant mix of government, healthcare, dental, legal, financial and other service businesses with Veterans Administration being the anchor tenant. NOTE: E-911 changed addresses on both properties Summer 2021. Preston Square was 2426 Lee Highway and is now 3130 Lee Highway. The addresses have been changed on the buildings and Pylon signs but Virginia property records along with online mapping, etc. have not yet been updated.

Social Security Building is a single tenant net leased building also fronting Lee Highway. This facility is a single story 13,600 sq ft office building on 2.54 acres constructed in 2008. Current tenant is GSA/Social Security Administration. NOTE: E-911 changed addresses on both properties Summer 2021. Social Security Building was 2484 Lee Highway and is now 3280 Lee Highway. The addresses have been changed on the buildings and Pylon signs but Virginia property records along with online mapping, etc. have not yet been updated.

Both properties located at or near signaled intersection of Lee Highway and Blevins Blvd which is the main entrance to The Falls, a rapidly expanding Retail and Restaurant Corridor with Lowe's, Hobby Lobby, Aldi, Texas Roadhouse and along with many others. The properties also lie with immediate access to I-81 at Exit 5. This section of I-81 Exit and Lee Highway is undergoing extensive improvements beginning August 2021. This portfolio offers excellent financials, see attached Offering Memorandum and demographics reports for more details. Contact agent to discuss this unique investment opportunity!

Additional Details

Nearest MSA: Kingsport-Bristol
County: Washington
Tax ID/APN: 225-A-3

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,908 24,768 53,240
Median Age: 39.55 40.45 41.99
Households: 1,273 10,743 22,832

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