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Lynnhaven North Shopping Center
Value-add, Anchored Retail Opportunity | Strong Infill Location in the Heart of Virginia Beach, VA

Strategic Location – The asset is conveniently located in the heart of Virginia Beach, just off of primary commercial corridor, Lynnhaven Parkway (47,000 VPD) and less than 1.5 miles away from major Hampton Roads’ connector I-264.

Value-Add – Multiple opportunities for upside exist through stabilization of the existing tenancy as well disposition of outparcels in addition to the potential for repositioning of the asset over the long term.

Highly Sought Lynnhaven Trade Area - An infill location with shared access and visibility with Lynnhaven Mall drives significant consumer traffic through the center. The asset is positioned to be the low cost alternative to more prominently positioned product in the area. Current average asking rents in the submarket are $13.43/SF with vacancy rate of 4.3%.

Desirable Demographics – A densely developed trade caters to strong demographic base with population counts and average home values in excess of 243,000 and $333,000 respectively.

Cushman & Wakefield | Thalhimer in conjunction with RealINSIGHT Marketplace is pleased to exclusively offer for sale, Lynnhaven North Shopping Center in Virginia Beach, Virginia (“the Property”). The 175,731 square foot, big box-anchored regional center is comprised of three parcels totaling ±16.76 acres, within the larger Lynnhaven North retail development. With an ideal location immediately adjacent to the 1.17MM square foot Lynnhaven Mall – Hampton Roads’ best performing indoor shopping mall – the asset enjoys shared access and visibility with virtually all major retailers in the trade area. The Property is currently 77% leased to a diverse, 26 tenant roster including publically traded national users, The Tile Shop (NASDAQ: TTS), Dollar Tree (NASDAQ: DLTR; Moody’s Baa3) as well as regional leader, Goodwill of Central and Coastal Virginia.
 

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CW Capital Markets and Cushman & Wakefield
Financing Options to Facilitate your Purchase of the Property


ADVANTAGE OF USING CUSHMAN & WAKEFIELD DEBT TEAM

· Access to the property for lender due diligence (3rd party reports)

· Reliable execution team with over 40 years of experience in debt / equity and structured finance

· Multiple lenders with pre-approved quotes

· Access to lenders with experience and knowledge of the auction process
 

OPTIONS

· C&W preliminary underwriting completed

· Source of capital: banks / debt fund

· Fixed and floating rate debt options

· Loan Terms: 3 yr. fixed or floating / 5 yr. fixed or floating

· LTV: 50% -75%

· Non-Recourse

· Interest Only


NEXT STEPS

· Contact: Brad Geiger or Bobby Sullivan (Contact information below)

· Complete your Debt Placement Agreement

· Register Bid

· Win Auction

· Complete Lender Checklist

· Close Loan

 

Brad Geiger
Senior Vice President
Equity, Debt and Structured Finance
Direct: 202 266 1173
bradley.geiger@cushwake.com


Bobby Sullivan
Senior Associate
Equity, Debt and Structured Finance
Direct: 202 495 7023
robert.sullivan@cushwake.com


Marshall Scallan
Managing Director
Equity, Debt and Structured Finance
Direct: 202 463 1118
Marshall.scallan@cushwake.com

 

Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.

Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.

You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.

Lynnhaven North Shopping Center

2720-2780 NORTH MALL DRIVE, Virginia Beach, VA 23452

Sold

Asset Snapshot

  • Asset Type
  • Real Estate
  •  
  • Retail Type
  • Community Center
  • Anchor
  • Yes
  • Anchor Tenant(s)
  • Goodwill & Tile Shop (Shadow Anchors: Value City Furniture)
  • Property Size
  • 175,731 Sq Ft
  • Land Area
  • 16.76 Acres
  • Year Built
  • 1985
  • Number of Floors
  • 1
  • Number of Buildings
  • 4
  • Parking Count
  • 1,279
  • Occupancy
  • 77.00%
  • Occupancy as of
  • Aug 01, 2018
  • Platform Fee

    Platform fee for this transaction is 5.00% or a minimum of $25,000.

  • Auctioneer

    1. Lamar P. Fisher

      Fisher Auction Company Inc.

      License: #2907003627

      Co:2908000783