An affiliate of Yale Realty Services Corp. has acquired Landstown Commons Shopping Center in Virginia Beach, Virginia, for $102 million, expanding the firm’s portfolio of open-air retail centers.
The 408,851-square-foot shopping center is located at 3332 Princess Anne Road in Virginia Beach’s primary retail corridor, at the intersection of Princess Anne Road and Dam Neck Road. Yale Realty said the asset’s surrounding trade area features a high employment rate and a diverse demographic base that includes military and vacation-driven demand.
Landstown Commons is anchored by a roster of national retailers, including Best Buy, Homesense, Burlington, PetSmart, Ross Dress for Less, Old Navy, Ulta, Five Below, OfficeMax, and Kohl’s, along with restaurants and smaller shop tenants serving the local residential and office populations.
The transaction was brokered by Rob Carter of Berkeley Capital Advisors. Financing was provided by the Bank of Montreal. The seller was described as an undisclosed REIT. Yale Realty’s affiliate was represented by Moritt Hock & Hamroff.
Yale Realty Services Corp., based in Westchester County, New York, was established in 1990 by Yale Paprin and has completed transactions involving 40 shopping centers, with a portfolio concentrated primarily in the Southeastern U.S.
KEY QUOTES:
“The Landstown Commons Shopping Center is a first-in-class property in the Hamptons Road Virginia Beach submarket, and the surrounding area has both a high employment rate and great demographic diversity, making this a very appealing addition to our portfolio.”
“We continue to believe in the value of the shopping center, and we’re thrilled to include Landstown Commons in our portfolio. This shopping center, with its mix of shopping, dining, entertainment and fine retail makes it a perfect investment for us.”
Yale Paprin, President, Yale Realty Services Corp.
