DECEMBER 2021, WILLIAMSBURG, VA- Brandon Heaver, Advisor with SVN Miller represents local buyer in the purchase of Big Lots located in Williamsburg, VA. Big Lots, along with The Home Depot, is currently an anchor to Victory Village, a 175,000 SF shopping center located on Mooretown Road.
Heaver represented the Salisbury-area private equity partnership in their search for a qualifying 1031-exchange property. His search encompassed investment opportunities throughout the eastern and midwestern United States.
“Brandon made the comprehensive search for qualified properties, negotiation and settlement process seamless and straightforward on this complex, two-part deal. From early-stage financial analysis, through the scheduling of inspections and fielding questions throughout, Brandon consistently went above and beyond to make sure all the elements of these deals came together,” said the buyer.
Big Lots’ most recent quarterly earnings report showed that net sales increased 8.1%, sales in the company’s e-commerce and omni-channel platforms increased more than 130% year over year, and gross profit jumped 8.1% year over year. With just under 10 years remaining on the lease, and scheduled annual increases, the investment proved to be financially beneficial. The deal settled on November 23, 2021.
This property is one of two for the exchange; the second is scheduled to close in December 2021.
If you are looking for investment properties, or would like to discuss potential financial opportunities in real estate with Brandon, he can be reached at Brandon.Heaver@svn.com or by phone at (443) 214-6376.
SVN | Miller Commercial Real Estate, with offices in Salisbury, MD, Bethesda, MD, Easton, MD, Seaford, DE, and Onley, VA is a regional firm specializing in commercial real estate in the Mid-Atlantic region. We provide advisory, brokerage, consultation, leasing and asset and property management services to clients in the Mid-Atlantic Region. We combine a comprehensive national footprint with local decision-making expertise and market-leading execution*. We maintain an unequivocal commitment to our clients and community (#SVNgivesback).
SVN |Miller is an Accredited Management Organization® (AMO). Our team of dedicated professionals with market-leading knowledge includes a highly trained staff of Certified Property Managers® (CPM®), Brokers who hold the prestigious Certified Commercial Investment Member (CCIM) designation, and members of the Society of Industrial and Office Realtors (SIOR).
