4560 SOUTH BOULEVARD | VIRGINIA BEACH, VA 23452 …...2 S.L. Nusbaum Realty Co. | 1700 Wells Fargo Center | 440 Monticello Avenue | Norfolk, VA 23510 | 757.627.8611 | slnusbaum.com

SOUTHGATE CENTRE 4560 SOUTH BOULEVARD | VIRGINIA BEACH, VA 23452

OFFERING MEMORANDUM

TABLE OF CONTENTS

4560 SOUTH BOULEVARD | VIRGINIA BEACH, VA 23452 2

S.L. Nusbaum Realty Co. | 1700 Wells Fargo Center | 440 Monticello Avenue | Norfolk, VA 23510 | 757.627.8611 | slnusbaum.com

John M. Profilet, SIORSenior Vice President, Associate Broker & PartnerOffice and Industrial Division

757.640.2278 (direct) | 757.679.3278 (mobile)[email protected]

No warranty or representation, expressed or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

DISCLAIMER

3EXECUTIVE SUMMARY

6PROPERTY OVERVIEW

Floor Plans

17MARKET OVERVIEW

Demographics

PRIMARY CONTACT:

EXECUTIVE SUMMARY



S.L. Nusbaum Realty Co. is proud to present SouthgateCentre, a well-located and attractive 45,201 square footoffice building situated in central Virginia Beach.Southgate offers the rare opportunity for a user toacquire this property for well below replacement costwith substantial available space for immediateoccupancy.

EXECUTIVE SUMMARY



SUPERB LOCATIONCentral South Hampton Roads location in the dynamic Virginia Beach Town Center market area.

HIGHWAY ACCESSIBILITYQuickly accessible to I-264 and Independence Boulevard.

ATTRACTIVE PROPERTYThree-story, midrise, brick and glass office building with recently added state-of-the art common conference room and renovatedbathrooms.

ABUNDANT AMENITIES & FITNESS OPPORTUNITIES NEARBYWithin walking distance to 165-acre Mount Trashmore Recreational Park and its two lakes, mountains, fishing and running trails. Closeproximity to YMCA, day care and numerous restaurants. Mixed-use Virginia Beach Town Center and its numerous restaurants, shops andamenities within close proximity & within easy driving distance.

STRONG DEMOGRAPHICS & LABOR POOLThe Virginia Beach-Norfolk-Newport News, VA-NC metro area is the 37th largest MSA in the U.S. with a population exceeding 1.7million. Virginia Beach is the most populous city in Virginia, and it is the 41st most populous city in the country with over 450,000people.

EXECUTIVE SUMMARY



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SUBJECT PROPERTY

VIRGINIA BEACH TOWN CENTER

YMCA

MOUNT TRASHMORE RECREATIONAL PARK

PROPERTY OVERVIEW



PROPERTY OVERVIEW



Address: 4560 South BoulevardVirginia Beach, VA 23452

Size: 45,201 SF (Gross, by city record) or 43,411 RSF (Net) on 2.0527 acres

Purchase Price: $6,350,000

Price Per Gross Square Foot: $140.48

Price Per Net Rentable Square Foot: $148.27

Land Size: 2.0527 Acres

Title: Fee Simple

PROPERTY OVERVIEW



Southgate Centre

152,000 AADT (VDOT, 2018)

PROPERTY OVERVIEW

• Rare and uniquely located, user oriented office building in the center of Virginia Beach

• Three stories of sturdy structural steel, concrete, and brick construction with ribboned, double-insulated glass

• With 20,495 square feet available now, building can deliver approximately 26,000 to 38,000 square feet during 2020

• Elevator served

• Built in 1983; state-of-the-art conference room added; restrooms renovated; and interior lighting converted to T-8 technology

• Cooling tower replaced in 2004; substantial repairs in 2018

• Flood Zone: x500

• 156 onsite parking spaces plus parking easement of record with property to the west providing ample parking; commercial grade outdoor picnic table

• Building signage with exposure to 152,000 vehicles per day on I-264; existing monument sign on South Boulevard

HIGHLIGHTS



SITE

Town Center of Virginia Beach

Click for More Info

https://vabeachtowncenter.com/

PROPERTY OVERVIEW



• Proximity to Virginia Beach Town Center’s abundance ofrestaurants, retail shops, banks, and services includingCalifornia Pizza Kitchen, P.F. Chang’s, Ruth’s Chris Steak House,The Cheesecake Factory, McCormick & Schmick’s, and theluxurious Westin Hotel.

• Highly desirable South Boulevard corridor that is withinwalking distance to the 165-acre Mount TrashmoreRecreational Park (boasting two lakes, two mountains, fishing,and miles of running trails), YMCA, and daycare.

OUTSTANDING AMENITY RICH LOCATION FOR BUSINESS AND FITNESS-MINDED EMPLOYEES FEATURING:

STRATEGIC EXPRESSWAY LOCATION PROXIMATE TO VIRGINIA BEACH’S CENTRAL BUSINESS DISTRICT:

• Central location which facilitates area travel North, South,East, and West.

• Strong demographics and nearby concentration of businessescreates synergies and provides a strong labor pool.

• Within a 10-mile radius is a population of 757,583 with anaverage household income of $88,110.

YMCA

Click for More Info

Mount Trashmore

Click for More Info

SITE

https://www.ymcashr.org/locations/mt-trashmore-family-ymca?type=ymca&amenities

https://www.vbgov.com/government/departments/parks-recreation/parks-trails/Documents/mount-trashmore-park-map.pdf

PROPERTY OVERVIEW

Town Center of Virginia Beach



Virginia Beach Oceanfront

SITE

PROPERTY OVERVIEW



PROPERTY OVERVIEW• Furnished, state-of-the-art conference facility on site• Conference table offers Cat 6, USB, and AC connectors to the 60” monitor• Wi-Fi is available in the conference room• Fiber optic available from Cox Communications• Overhead lighting was converted to a high performance SEMP T8 system interior

and induction exterior with controls in 2011. Sensor wall switches were installed and the fluorescent bulb count was reduced by 50%, which creates a significant annual savings due to fewer bulbs and the increased energy efficiency of the T8s and sensors.



FLOOR PLANS



FIRST FLOOR

FLOOR PLANS



SECOND FLOOR

FLOOR PLANS



THIRD FLOOR

MARKET OVERVIEW



MARKET OVERVIEW While there is almost 43 million square feet of office space in the HamptonRoads market, Virginia Beach, the largest of the submarkets, has anapproximate 11.76 million square foot office inventory with a low vacancy rateof about 8%. Lack of available office inventory and product has been therecurrent theme in the Hampton Roads office market.

MSAThe Virginia Beach-Norfolk-Newport News, VA-NC metro area is the 37thlargest MSA in the U.S. with a population exceeding 1.7 million. With apopulation exceeding 450,000, Virginia Beach is the most populous city inVirginia, and it is the 41st most populous city in the country with over 450,000people. The GDP is approximately 94.9 billion, median age 37.8, and medianhousehold income $63,481. More than two-thirds of the nation's populationand marketplace are within 750 miles of Hampton Roads.

DEMOGRAPHICSAs illustrated by the demographic information shown here, Southgate Centre’scentral location makes it an ideal place from which to attract area labor. Withina 10-mile radius, the population is 757,583 including 290,530 households.

MARKET OVERVIEW



3 MILE 5 MILE 10 MILE

2019 Total 141,220 287,355 757,583

2024 Projected Total 144,981 307,324 777,073

POPULATION

HOUSEHOLDS

AVERAGE HOUSEHOLD INCOME


2019 Total 54,291 112,554 290,530

2024 Projected Total 55,818 115,343 298,006


2019 Total $84,651 $89,601 $88,110

2024 Projected Total $95,207 $100,546 $99,112


John M. Profilet, SIORSenior Vice President, Associate Broker & PartnerOffice and Industrial Division

PRIMARY CONTACT:757.640.2278 (direct)757.679.3278 (mobile)[email protected]