Former Wells Fargo with Developable Land | 7300 Jefferson Davis Hwy
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Former Wells Fargo with Developable Land 7300 Jefferson Davis Hwy
2,250 SF Vacant Retail Building Online Auction Sale North Chesterfield, VA 23237
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Investment Highlights
- 2,250-SF former Wells Fargo with multiple drive-thru lanes, excess land for development, and proximity to new apartment communities.
- Located close to retailers such as Arby's, Bojangles, Family Dollar, Jade Garden, Mi Pueblito, 301 Seafood, and more.
- Richmond MSA is experiencing solid growth and the current 5-mile population of 107,700+ is expected to rise above 116,000 by 2029.
- Prime positioning along Jefferson Davis Highway (20,000+ VPD) with highly visible pylon signage and approximately 27 parking spaces.
- Within walking distance of over 634 newly delivered apartment units across five separate communities, ensuring a steady consumer base.
Executive Summary
JLL and The Man With Square Feet are pleased to exclusively present a prime investment offering on Ten-X to acquire a vacant bank in the Richmond, Virginia, MSA with strong operational upside through lease-up and development of excess land. 7300 Jefferson Davis Highway was constructed in 1969 on a spacious 1.22-acre lot with flexible C-3 commercial zoning. The property totals 2,250 square feet and has five drive-thru lanes, pylon signage visible from Jefferson Davis Highway/Route 1, and approximately 27 surface-level parking spaces, including two ADA parking spaces, for employees and patrons. The interior comprises a mix of tile and carpeted flooring, multiple private offices with ample windows for natural light, and standard bank features, including an expansive teller desk, a drive-thru office, and a vault. There is strong value-add through the lease-up of the existing asset, and further value can be found through the development of the roughly 0.50-acre adjacent land on the same parcel. This adjacent land is development-ready and has existing curb cuts on Taw Street, Bensley Commons Boulevard, and Jefferson Davis Highway.
7300 Jefferson Davis Highway has a strong location along a primary thoroughfare and main retail corridor, and the property benefits from proximity to synergistic tenants like Arby's, Bojangles, Family Dollar, Jade Garden, and Mi Pueblito Pizzeria & Restaurant, 301 Seafood, and more. The property has excellent visibility and exposure to over 20,000 vehicles passing by daily on Jefferson Davis Highway. This part of North Chesterfield has seen numerous new developments, including Winchester Greens, a 240-unit mix of townhouses and garden-style apartments, Market Village, a 69-unit senior-living complex, Market Woods, a 60-unit senior-living complex, Market Square, a 105-unit senior-living complex, and Winchester Forest, a 160-unit senior-living complex. All of these are fully leased and would provide a consistent consumer pool within walking distance.
7300 Jefferson Davis Highway is well-positioned in Northern Chesterfield, just below Richmond city limits. The 5-mile radius is home to a growing population north of 107,700, with an expected increase to over 116,000 by 2029. The 5-mile population has a solid average household income above $74,000 with over $1.1 billion in total specified consumer spending. Additionally, large swaths of talented, young professionals continue to relocate to the Richmond metro area, and this growing workforce will provide optionality to a new owner when deciding the future of this asset.
7300 Jefferson Davis Highway is a fantastic investment opportunity with a highly accessible location and multiple avenues for strong value-add.
7300 Jefferson Davis Highway has a strong location along a primary thoroughfare and main retail corridor, and the property benefits from proximity to synergistic tenants like Arby's, Bojangles, Family Dollar, Jade Garden, and Mi Pueblito Pizzeria & Restaurant, 301 Seafood, and more. The property has excellent visibility and exposure to over 20,000 vehicles passing by daily on Jefferson Davis Highway. This part of North Chesterfield has seen numerous new developments, including Winchester Greens, a 240-unit mix of townhouses and garden-style apartments, Market Village, a 69-unit senior-living complex, Market Woods, a 60-unit senior-living complex, Market Square, a 105-unit senior-living complex, and Winchester Forest, a 160-unit senior-living complex. All of these are fully leased and would provide a consistent consumer pool within walking distance.
7300 Jefferson Davis Highway is well-positioned in Northern Chesterfield, just below Richmond city limits. The 5-mile radius is home to a growing population north of 107,700, with an expected increase to over 116,000 by 2029. The 5-mile population has a solid average household income above $74,000 with over $1.1 billion in total specified consumer spending. Additionally, large swaths of talented, young professionals continue to relocate to the Richmond metro area, and this growing workforce will provide optionality to a new owner when deciding the future of this asset.
7300 Jefferson Davis Highway is a fantastic investment opportunity with a highly accessible location and multiple avenues for strong value-add.
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
- Miscellaneous
Market Analytics Click Here to Access
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Market Sale Price per SF
Richmond - VA USA
Market Cap Rate
Richmond - VA USA
Market Sale Price per SF by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per SF Distribution
Market Cap Rate Distribution
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Property Type
Retail
Property Subtype
Bank
Building Size
2,250 SF
Building Class
C
Year Built
1969
Tenancy
Single
Building Height
1 Story
Building FAR
0.04
Land Acres
1.22 AC
Zoning
C-3
Parking
27 Spaces (12 Spaces per 1,000 SF Leased)
Frontage
269 ft on Jefferson Davis Highway
Amenities
- Drive Thru
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
5,282
40,312
107,737
2020 Population
4,911
38,229
103,926
2029 Population
5,804
44,064
116,248
2024-2029 Projected Population Growth
9.9%
9.3%
7.9%
Daytime Employees
7,871
18,793
37,406
Total Businesses
110
978
2,743
Average Household Income
$47,443
$73,528
$74,258
Median Household Income
$36,058
$57,177
$58,405
Total Consumer Spending
$43M
$417.1M
$1.1B
Median Age
35.9
37.0
38.4
2024 Households
2,075
14,600
40,148
Percent College Degree or Above
4%
11%
13%
Average Home Value
$187,031
$258,938
$263,829
$ values in USD
Sale Advisors
Sale Advisors
John Jay Schwartz,
Broker/President/Managing Director
(804) 350-1866
Contact
John Jay Schwartz is a savvy businessman who makes decisions and completes projects that support revenue growth. John's unique talents include over 4 decades of strong relationship-building, negotiation and entitlement skills. He managed up to 60 projects concurrently. He is skilled in national rollouts; experienced in Tier I, II and III markets; and knowledgeable in all areas of commercial real estate support and execution.
John cuts to the chase and gets the deal done correct the first time. He doesn't sit on his hands and is always moving. It has been a pleasure working with him over the years.
John Jay Schwartz is representing 3 large land investor groups from assemblage to zoning / entitlements to infrastructure and development to marketing and sales and land development delivering the largest “Shovel Ready” industrial/commercial real estate site in Virginia.
John Jay Schwartz has consulted to a 150 year old private company on the repositioning of its vast real estate portfolio over a multi state region. The properties include vacant land, existing shopping centers, a 1 million square foot manufacturing conversion to office/warehouse, retail pad sites and the overall real estate strategy for the next generation of owners. John is also representing a host of retailers and restaurants in growing their brands, locations and franchise networks.
John Jay Schwartz recently served as exclusive in-house consultant to the national roll-out of Dominion Telecom Inc.'s electronic, telecommunication and support facilities. John successfully negotiated $300 million in leases, equipment and infrastructure (throughout the eastern United States Tier I, II & III cities) - including secure POPS, Regens, Nodes, Collocations, BELA, support facilities and a new Headquarters building - under a very tight and precise delivery time with multiple internal customer demands.
At a time when many companies face intense scrutiny by the public, stockholder and government entities, CEO's and CFO's need to watch their bottom line. John is a strategic thinker and hands on manager who consistently delivers results.
John cuts to the chase and gets the deal done correct the first time. He doesn't sit on his hands and is always moving. It has been a pleasure working with him over the years.
John Jay Schwartz is representing 3 large land investor groups from assemblage to zoning / entitlements to infrastructure and development to marketing and sales and land development delivering the largest “Shovel Ready” industrial/commercial real estate site in Virginia.
John Jay Schwartz has consulted to a 150 year old private company on the repositioning of its vast real estate portfolio over a multi state region. The properties include vacant land, existing shopping centers, a 1 million square foot manufacturing conversion to office/warehouse, retail pad sites and the overall real estate strategy for the next generation of owners. John is also representing a host of retailers and restaurants in growing their brands, locations and franchise networks.
John Jay Schwartz recently served as exclusive in-house consultant to the national roll-out of Dominion Telecom Inc.'s electronic, telecommunication and support facilities. John successfully negotiated $300 million in leases, equipment and infrastructure (throughout the eastern United States Tier I, II & III cities) - including secure POPS, Regens, Nodes, Collocations, BELA, support facilities and a new Headquarters building - under a very tight and precise delivery time with multiple internal customer demands.
At a time when many companies face intense scrutiny by the public, stockholder and government entities, CEO's and CFO's need to watch their bottom line. John is a strategic thinker and hands on manager who consistently delivers results.
Kaylin Farruggio,
Senior Associate
(804) 200-6415 x2598
Contact
Kaylin joined JLL in March 2021 as an Senior Associate for JLL in Richmond, Virginia. Her focus is on office product with an emphasis on agency leasing and tenant representation. Previously a Market Research Advisor for the industry’s leading commercial real estate information group, Kaylin offers a competitive perspective to data analysis and marketing strategies. Following her graduation from Old Dominion University in 2018, Kaylin began her career in sales at Insight Global. Following her time at Insight Global, she worked for CoStar Group before joining JLL.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Emily Walper
Contact
Auctioneer License:
Ten-X Jessica Anne Figueroa RE Brkr 0226033409
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John Jay Schwartz
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Kaylin Farruggio
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The Man With Square Feet
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Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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Former Wells Fargo with Developable Land | 7300 Jefferson Davis Hwy
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Former Wells Fargo with Developable Land | 7300 Jefferson Davis Hwy
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