Eastern US

• Located less than 1 mile to the North, Sentara Virginia Beach General Hospital is the most extensive hospital system in the market, serving Virginia Beach, Eastern Shore, and Northeastern North Carolina with over 270 beds. Sentra recently invested $294 million into the facility and surrounding communities.
• Located less than 0.5 miles from the subject property, Naval Air Station Oceana is the Navy’s East Coast Master Jet Base. With 17 aviation squadrons, 10,500 active Navy personnel, 10,000 family members, and 4,500 civilian personnel, NAS Oceana is the second largest employer in Virginia Beach.
• Recently completed in December of 2024, 'Ascend at Hilltop Apartments' is a $46 million, ±329K SF development that consists of 115 units and is located 0.5 mile from the subject property.
• The subject property has over 2.3 million square feet of retail space within 1 mile, anchored by national tenants such as Kroger, Trader Joe's, Target, Walmart Supercenter, and Whole Foods.
• The property has direct access to Interstate 264, the main east-to-west connector between Norfolk and Virginia Beach, with over 96,000 vehicles per day.
• Located 1 mile to the East, Virginia Beach is the most populous city in the U.S. Commonwealth of Virginia and the sixth-most populous city in the Mid-Atlantic.

We are pleased to market for sale the Walgreens property located at 645 First Colonial Rd Virginia Beach, VA 23451 ("The Property"). Walgreens occupied this built-to-suit location in 2015 and has been operating at the site for 10 years. The lease has 10 years of firm term remaining before the 11 (5-year) option periods. Walgreens operates on an absolute triple net lease, which provides for no landlord obligations whatsoever.

Less than a mile north of the Property, Sentara Virginia Beach General Hospital is the region's largest hospital system serving Virginia Beach, Eastern Shore, and Northeastern North Carolina. In 2024, Inside Business awarded Sentra on the 2024 Health Care Heroes list, spurred by their $294 million investment to support communities in Virginia with health education and prevention programs, training opportunities for healthcare professionals, and uncompensated patient care.

The property is located in the Virginia Beach market and is well-positioned in a densely populated, affluent residential area. With over 136,000 residents living within a five-mile radius and an average household income exceeding $107,000, the area provides a strong consumer base. Additionally, the property is less than half a mile from Naval Air Station Oceana—Virginia Beach’s second-largest employer—further enhancing its strategic location and long-term demand drivers.

The Property is located at the signalized hard-corner intersection of First Colonial Rd and Laskin Rd, with 59,000 vehicles daily. Additionally, the Property is situated directly off the access ramp for Interstate 264, the main east-to-west connector between Norfork and Virginia Beach, with over 96,000 vehicles daily. Strategically positioned within 2.3 million square feet of retail space within 1 mile, the Property benefits from the surrounding retail anchors such as Kroger, Trader Joe's, Target, Walmart Supercenter, and Whole Foods This location carries a retail off-premises wine and beer license, allowing wine and beer sales.