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.
