Financing Available Property tours are available by appointment only. Please contact Catharine Spangler to schedule a tour at 804-344-7140 or catharine.spangler@thalhimer.com. Ten-X.com in conjunction with Cushman & Wakefield Thalhimer is pleased to offer for sale Lexington Commons (“The Property”) – a lender owned, 21,857 SF unanchored retail strip center located along Richmond, Virginia’s most active retail corridor. The Property is currently 100% leased to 15 regional and local tenants, featuring attractive triple net lease structures and in-place rents averaging $1.96/SF below market. Originally constructed in 1991, the Property is ideally situated on ±2.68 acres with unbeatable visibility and signalized access from bustling West Broad Street. The asset is proximate to major Virginia interstates, I-64, I-295 and Route 288 and is less than half a mile away from the entrance to the region’s largest corporate office center – Innsbrook Corporate Park. With over seven million square feet of office space, the park adds over 50,000 employees to the area’s daytime population, complementing the strong demographic profile of the affluent Glen Allen and Short Pump neighborhoods to the North and West. Over 190,000 people with an average household income of $103,188 live within a five mile radius of Lexington Commons. Upside exists through “right-sizing” base rental rates of new and renewing tenants, as well as through significant rental bumps in the near term of existing tenants. Lexington Commons represents a rare opportunity to acquire a well-maintained, stabilized retail asset with upside potential and minimal risk in Richmond, Virginia’s strongest retail trade area. ************************** Long-term CMBS fixed rate financing is available from Starwood Mortgage Capital (SMC) for the acquisition of this property. Starwood Mortgage Capital is a direct lender and is a wholly owned subsidiary of Starwood Property Trust, Inc. and LNR Property LLC. CMBS Long-Term Fixed Rate Loan - Up to $2,300,000 - 10-year loan term - 36-month I/O followed by 30-year amortization - Highly competitive interest rates; call for current rate quotes - No origination fee - Non-recourse, except for standard CMBS non-recourse carve-outs - SMC will issue pre-qualification letters subject to review of Bidder qualification forms (refer to the SMC Financing Qualification Instructions in the Due Diligence tab). Ten-X will count an SMC pre-qualification letter towards a Bidder’s proof of funds when registering to bid for this auction. For more information and to qualify, please refer to the term sheet and complete the forms found in the “SMC Financing Info” folder located in the Due Diligence Documents tab. For additional details, please contact: Steve DeRose (305) 695-5845 sderose@starwood.com No agreement (whether written, oral or otherwise) that may be reached during negotiations with respect to financing the Property, nor any course of dealing between the parties, shall constitute a commitment by SMC to lend or otherwise be binding upon the parties unless final binding loan documents have been executed, delivered and accepted by all parties (in which case such agreements shall be binding only to the extent the Loan actually closes). SMC is under no obligation to fund the Loan. This property will be auctioned on Monday, July 10 - Wednesday, July 12 . The price displayed is the starting bid amount of $950,000. For information and to register to bid on this property, please visit Ten-X.com.
