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Edinburgh East Retail Strip Center | ±10,903 SF | Chesapeake, VA

141 Hillcrest Parkway
Chesapeake, VA 23322
PRICE : $4,760,000
CAP RATE: 6.5%
SITE SIZE: 1.95 Acres


  • 100% occupied, ±10,903 SF retail strip center anchored by Sherwin-Williams company | Investment grade
  • New 10-year NNN corporately Sherwin-Williams lease commencing in July 2023 | 4,439 locations worldwide | Credit Baa2/BBB
  • All leases NNN | 5 tenants with scheduled rent increases | 6.3 year weighted average lease term (WALT) remaining
  • Multiple access including from signalized corner intersection | Chesapeake Expressway & Hillcrest Pkwy | 57,731 VPD combined
  • Edinburgh East is part of a Planned Use Development with tenants such as Home Depot, Taco Bell, WaWa, Wendy’s and Zaxby’s
  • Broker of Record: Brian Brockman (Bang Realty – VA, Inc) | VA License #0225245999


Bull Realty, Inc. is pleased to present this ±10,903 SF, retail strip center for sale at $4,760,000 which delivers the property to market at a 6.5% cap rate based on scheduled year one NOI. Edinburgh East is 100% occupied and is anchored by Sherwin-Williams. Built in 2006, Edinburgh East has a healthy mixture of tenants including Sherwin-Williams (43%), Crave Bakery and Coffee Bar (28%), Mystic Spa (15%) and Cristaldo’s (13.8%). All of the leases have scheduled rent increases, are NNN and collectively boast a 6.3 year weighted average lease term (WALT).

Sherwin-Williams recently signed a 10-year corporately guaranteed lease for ±4,715 SF. This lease is expected to be complete in July of 2023 and comprises 43% of the Edinburgh East. With over 4,439 locations worldwide, Sherwin-Williams is an investment grade tenant with a Baa2/BBB credit rating. The Sherwin-Williams Company has a $60.8B market cap, is an investment grade tenant and is publicly traded on the New York Stock Exchange under the stock symbol SHW.

Situated on ±1.95 acres, 141 Edinburgh East is part of a Planned Use Development (PUD) shadow anchored by Home Depot. Other tenants in this development include Taco Bell, WaWa, Wendy’s and Zaxby’s. Located less than a mile south of Chesapeake Expressway (Route 168) and just off South Battlefield Boulevard, the combined traffic counts total over 57,731 per day. Multiple curb cuts and one signalized intersection afford good ingress and egress. This strip center is well positioned along a major commercial corridor in the Great Bridge Retail Submarket of Norfolk’s MSA. With retail vacancy at a five year low, supply is limited and demand for well positioned retail space is high. This submarket has experienced solid growth over the past ten years and owners in this sector have been rewarded as rents continue along a positive trajectory.

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