Taco Bell 3951 College Ave 3,107 SF Retail Building Bluefield, VA 24605 $2,650,000 ($852.91/SF) 5.70% Cap Rate

This Taco Bell investment property is located in Bluefield, Virginia. The tenant, Charter Central LLC, originally on a 15-year NNN lease has until March 31, 2035, in their initial term with four 5 year options to extend, demonstrating their long-term commitment to this location. The lease features 1.5% annual rental increases throughout the initial term and option periods, steadily growing NOI and hedging against inflation. The lease is personally guaranteed by the owner of Charter Foods Inc. and is absolute NNN with zero landlord responsibilities. Founded in 1998, Charter Foods, Inc. operates over 200 Yum Brands locations throughout the South and Northeast regions of the United States.
The Taco Bell is strategically located along College Avenue, a major commuter thoroughfare averaging 13,000 vehicles passing by daily. The site is equipped with a large pylon sign, creating excellent visibility along College Avenue. The asset is ideally situated as an outparcel to Ridge View Plaza, a 336,800 s.f. power center anchored by a Walmart Supercenter. Taco Bell is ideally positioned in the heart of the Bluefield retail corridor and is within close proximity to multiple shopping centers including College Plaza Shopping Center (215,300 s.f.), Twin City Shopping Center (58,600 s.f.), and Westgate Shopping Center (72,000 s.f.).
College Avenue is the primary retail corridor serving the trade area with other nearby national/ credit tenants including Sam's Club, Lowe's Home Improvement, Ashley Furniture Home Store, McDonald's, Dollar Tree and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover retail exposure for Taco Bell. In addition, the property is less than 2 miles southwest of Bluefield Regional Medical Center, a 92-bed community health center and teaching facility servicing Southern West Virginia and Southwestern Virginia. Moreover, the asset is less than 1 mile west of Bluefield College (1,000 students), an 82-acre campus that includes the 10,000 seat capacity historic Mitchell Stadium. These locations provide the Taco Bell with a direct consumer base from which to draw. The 5-mile trade area is supported by nearly 21,700 residents and 12,400 daytime employees with an average household income of $78,364.