Hampton Roads Iceplex

Industrial for Sale
Catylist Listing ID: 30737246
Building Size (RSF): 32,963 SF
Gross Land Area: 3.01 Acres
Sale Price: $2,600,000
Unit Price: $78.88 PSF
Ceiling: 32 ft.
Docks/Doors: 2 Doors
Drive In Bays: 2 Bays
Property Use Type: Investment
Building Name: Hampton Roads Iceplex
Sale Terms: Other
Cap Rate: 7.12%
Last Updated: 9/21/2021

Overview / Comments

The subject asset will be 100% leased to Hampton Roads Iceplex in a sale-leaseback arrangement, the only ice rink south of Richmond, VA and north of Virginia Beach, VA. The property resides in a fast-growing industrial hub in immediate proximity to Newport News/Williamsburg International Airport. The subject tenant will execute a 12-year absolute net lease on 32,963 sq. ft. upon
sale, starting at $5.61 psf, and increasing 2.00% annually. The absolute net lease implies the tenant’s responsibility for all expenses pertaining to the property including repair/replacement of roof, outer walls, and parking lot. The current owner has diligently completed numerous upgrades and implemented a new operations team that grew revenue from 2017 to 2018, saw continued revenue growth in 2019 and is still operating in full-force given COVID-19. The clear span specialty industrial facility is located about an hour north of North
Carolina, along the I-64 freeway and 25 miles north of Norfolk, Virginia. Additional uses include roller skating, recreation center, indoor soccer, and cold storage.

Additional Details

Nearest MSA: Virginia Beach-Norfolk-Newport News
County: York
Tax ID/APN: S03c-0922-0755
Zoning: G B
Property Located Between: Commonwealth Dr.
Year Built: 1996
Exterior Description: Masonry
Total Parking Spaces: 128
Overhead Cranes: Undisclosed
Sprinklers: None
Heat Source: Other
Air Conditioning: Other
Lighting: Other

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,694 78,816 205,170
Median Age: 36.64 36.11 36.3
Households: 3,852 32,163 80,981
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