Atlantic Investments is pleased to present the opportunity to acquire Town Place Shops, a 100% leased retail center consisting of 2-buildings in Chesapeake, VA. Built in 2016, Town Place Shops is a multi-tenant retail center, fully occupied by a lineup of four service-oriented tenants. The tenancy includes Starbucks, Cava, Domoishi, and Fast Fit Body Sculpting. Town Place Shops is prominently located off of Greenbrier Parkway, Chesapeake’s premier commercial corridor, and is an outparcel to Greenbrier Market Center, one of the most visited centers in VA according to Placer.ai data (99th percentile). The property enjoys accessibility from traffic on Eden Way N (13,000 VPD) and Greenbrier Pkwy (47,000 VPD). The property benefits from its location in close proximity to other national retailers in the market such as Target, Harris Teeter, Best Buy, PetSmart, Barnes & Noble, Michaels, TJ Maxx, Bed Bath & Beyond, and Office Max.
- Best-in-Class Retail Destination – Town Place Shops is apart of the Greenbrier Submarket, a true work-live-play destination, with over 4.8M SF of retail, 3.8 M SF of office space, along with thousands of Multi-Family and Single Family units
- High-Quality Construction – Built in 2016, this asset provides a new investor with limited exposure to capital repairs
- NNN Leases – All operating expenses for the center are reimbursed by the tenants
- Drive-Thru Location – This location meets Starbucks aggressive expansion of drive-thru locations to meet consumer’s preference for convenience and safety
- Economic Stability – The Department of Defense supports 40% of the regions employment, and with 7,000-8,000 service members exiting the military each year, there is a constant influx of skilled labor in the market.
- Hampton Roads has the largest population on the East Coast between the Washington D.C. and Atlanta – The area’s economy benefits from its young, educated workforce and low cost of living
- Strong National Retailer Presence – Including Target, Harris Teeter, Best Buy, PetSmart, Barnes & Noble, Michaels, TJ Maxx, Bed Bath & Beyond, and Office Max
- Favorable Demographics – Population exceeding 210,000 people, and AAHI over $88,000 in 5-mile Radius
- Tremendous Traffic Counts – 47,000 VPD on Greenbrier Pkwy and 13,000 VPD on Eden Way N