Seaboard Commons 1817 Frederick Blvd

The subject property is a newly constructed Humana CenterWell facility located in Portsmouth, VA. The new 10-year lease is corporately guaranteed by Humana (NYSE: HUM) and includes 10% rental increases every 5-years in the primary term and in the (2) five-year option periods. Humana Inc. is an American health insurance company based in Louisville, Kentucky. In 2023, the company ranked 42 on the Fortune 500 list, which made it the highest ranked (by revenues) company based in Kentucky. It is the fourth largest health insurance provider in the U.S.
This property is located within a brand-new multi-tenant retail development with excellent visibility and access on two main commuter thoroughfares, Turnpike Rd and Frederick Blvd. Traffic counts near the site are significant, with over 38,000 vehicles per day on Frederick Blvd and 11,000 vehicles per day on Turnpike Rd. The surrounding area boasts a population of over 223,000 within a 5-mile radius, with an average household income exceeding $82,000. National retailers in the immediate vicinity include 7-Eleven, Walgreens, Advance Auto Parts, Wells Fargo, Walmart, Panda Express, Wawa, Chipotle, CVS Pharmacy, Starbucks, Dunkin’ Donuts, IHOP, Wendy’s, Taco Bell, Chick-Fil-A, TJ Maxx, Kroger, McDonald’s, KFC, Pep Boys, Bank of America, Bojangles, Lowe’s, GameStop, and many more.