One South Commercial is pleased to this attractive investment opportunity located at 1501 West Washington St, Petersburg VA. Built in 1966, 1501 W Washington St was the Tri-Cities headquarters for the Pepsi Brand beverage company, making this a well recognized location in Petersburg.
Consisting of over 100,000 square feet of leased warehouse space and a pad site to build an additional 30,000 square feet of in demand industrial space, this property will bring a strong return with a large upside. There is also approx. 8,500 square feet of available office space that an owner can lease, further increasing cash flow. The buildings are situated on 8.52 acres, and are on the premier thoroughfare in Petersburg, US Highway 460. With plentiful parking, and a great street presence, this property will always be a place where companies want to locate.
The Industrial Market in the Richmond-Petersburg market has never been so hot as the demand exceeds supply by a large margin. Rental rates are rising at unprecedented levels but Richmond – Petersburg is much more reasonable compared to the Northern Virginia market, insuring long term health in the market. Petersburg sits at the intersection of I-95 and I-85, making it a distribution hub for the entire East Coast.
1501 West Washington has three tenants in Triple Net Leases where the tenants pay all utilities, taxes and insurance along with all maintenance of the buildings. The buyer of this property will be able to secure a robust return with very little management headaches.