REVA Norfolk DST is open for investment
It’s got location, a stable leasing structure, plenty of parking and is in a vibrant market.
Norfolk Commerce Park, located in Norfolk, Va., is a perfect investment vehicle for the astute investor seeking dependable returns in a market with a consistently strong performance.
Norfolk Commerce Park is a stable, Class B+ Office/Flex property that is open for investment as a Delaware Statutory Trust (DST). A DST is a trust entity formed under Delaware law that can be used as a tax savings vehicle under Section 1031 of the Internal Revenue Code.
Part of the allure of the REVA Norfolk DST is its location in Hampton Roads — home to more than 1.7 million people — in close proximity to Norfolk International Airport, Interstate 64 and Military Highway.
The Norfolk Commerce Park portfolio consists of three buildings that are flex/office space and comprise 331,883 rentable square feet. Constructed between 1982 and 1988, the properties have an 85 percent lease rate with abundant parking encompassing 1,084 spaces.
A quality, stable rent roll is a hallmark of Norfolk Commerce Park. Tenants include FedEx, URS Federal Services, GE Power and the U.S. Coast Guard, with some in occupancy for more than 20 years.
The REVA Norfolk DST anticipates a seven- to 10-year investment horizon. The nonrecourse mortgage loan matures in 2025 and offers real advantages: It provides for interest-only payments in the first three years, allowing for funds to be directed toward leasing the currently vacant space and bears and interest rate of 4.38 percent.
The stability of the Hampton Roads market is based on several factors. The region has a strong military presence, including Naval Station Norfolk, leading port facilities on the East Coast and is a destination for tourists. Its military facilities support a large contingent of government contracting firms that offer stable, high-paying jobs.
Strategically located in the Mid-Atlantic at the mouth of Chesapeake Bay, the region features strategic access to port, interstate, rail and airport hubs for multiple options to move goods and products between national and international markets.
If you have questions or would like more information about the REVA Norfolk DST, contact REVA to take advantage of this strong investment vehicle.