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Towne Place Shops, Chesapeake, VA

Towne Place Shops

Chesapeake, VA

Price $6,877,000
Cap Rate 6.35%
NOI $436,650
Lease Term Various
Lease Type NNN
Rental Increases Various
Year Built 2016
Building Size 13,200 SF
Lot Size 2.78 Acres (121,271 SF)
Status Available
Lead Broker Information Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vince Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Cushman and Wakefield Inc. LIC. # 00616335
This property is listed in conjunction with Virginia-licensed real estate broker Cushman & Wakefield, Inc.

Investment Highlights

100% LEASED MULTI-TENANT RETAIL CENTER
» 100% leased multi-tenant center with scheduled rental increases, providing a hedge against inflation
» Notable national and regional tenants with strong brand recognition
» Corporate-guaranteed leases for Starbucks, Mattress Firm, and Zoës Kitchen

HIGH TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» Located at signalized hard corner, with excellent access and visibility to more than 15,000 vehicles per day
» Convenient access to Greenbrier Parkway (83,000 AADT) and Interstate 64 (132,000 AADT)
» Outparcel to Towne Place, a mixed-use development featuring luxury apartments and townhomes and major national retailers
» Close proximity to several large retail centers, anchored by Walmart Supercenter, Sam’s Club, Target, Macy’s, Dillard’s, Harris Teeter, and many others

EXCELLENT LOCATION IN PRIME COMMERCIAL AREA
» Directly adjacent to Dollar Tree’s global headquarters, which is currently undergoing a $110 million expansion that will add additional office, retail, and residential space and is expected to create up to 600 corporate jobs with Dollar Tree and nearly 5,000 service jobs in new retail and residential facilities
» Surrounded by several large office and industrial parks, with over 100,000 daytime employees within a five-mile radius

NEW 2016 CONSTRUCTION
» High-quality construction completed in 2016
» Features a dedicated drive-thru for Starbucks, providing additional customer convenience and boosting sales revenue

Click Here to Download Offering Memorandum


Property Description

The property is strategically located at the signalized hard corner of Eden Way and Stephanie Way, with excellent access and visibility to over 15,000 vehicles per day. The property also enjoys interparcel access to Greenbrier Parkway, with a traffic count of 83,000 vehicles per day, and convenient access to Interstate 64, the busiest thoroughfare in the region, with an extremely high traffic count of 132,000 vehicles per day. The property is outparcel to Towne Place, a mixed-use center featuring luxury apartments and townhomes and major national retailers, including Chico’s and Jos. A. Bank. Located in a dense retail area, the property is surrounded by large shopping centers. Greenbrier MarketCenter, located directly adjacent to the property, is anchored by Target, Harris Teeter, Best Buy, and Bed Bath & Beyond. Within walking distance of the property is Greenbrier Mall, featuring over 120 stores and services. Other notable retailers near the property include Walmart Supercenter, Ross, T.J. Maxx, Regal Cinemas, Sam’s Club, Lowe’s, and many others.

The property is located in a primary commercial region and is surrounded by office and industrial parks. The property is next to the global headquarters of Dollar Tree, a Fortune 500 company. Dollar Tree’s corporate campus, which currently employs approximately 900 people, is undergoing a massive $110 million expansion. The expansion will add a high-density retail, commercial, and residential development that will feature approximately one million square feet of office space, 500,000 square feet of retail space, nearly 1,500 residential units, and a 171-room hotel. The expansion is expected to create 600 corporate jobs with Dollar Tree and up to 5,000 service jobs in the new retail and residential developments. In addition to Dollar Tree, several other large employers and densely populated residential neighborhoods are located near the property, providing a large customer base; 210,216 residents live and 105,488 daytime employees work within a five-mile radius of the property.

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