New Owner Eyes Upgrade for Coastal Virginia Retail Center
- Aug 28, 2019
American Commercial Realty Corp. has acquired Chesapeake Commons, a 199,000-square-foot shopping center in Chesapeake, Va. Located at 4107 Portsmouth Blvd., the shopping center just east of Interstate 664 is anchored by Ross, Best Buy, Old Navy and Aldi.
Opportunistic investor and operator ACR plans to reposition the asset, expanding the property’s mix of services and stores and improving its access and visibility. “We look forward to working closely with the merchants to bring this property to the next level,” Rick Baer, president of ACR, noted to Commercial Property Executive.
The retail center was completed in 1991 on a 24-acre site anchored by Walmart adjoining the Chesapeake Square Mall. Walmart relocated to a larger building across the street in 2005, allowing for a new tenant mix in Chesapeake Commons. In recent years, the property has attracted regional retailers including Lane Bryant, Once Upon a Child, America’s Best Optical and a variety of dining and service outlets.
Betting on coastal Virginia
The seller appears to be InvenTrust Properties, a retail REIT whose 2016 annual report lists Chesapeake Commons as one of its real estate holdings. The asset’s new owner has tapped Divaris Real Estate, based in nearby Virginia Beach, Va., as its local leasing representative.
Real estate investment firm Ironstone Partners worked with ACR on the transaction. ACR noted in a statement that Chesapeake Commons is the company’s first Virginia acquisition, building on a track record of repositioning retail assets primarily in Florida and the Southeast US.
Elsewhere in Chesapeake, Summit Pointe Realty is developing Summit Pointe, a $300 million urban mixed-use project whose first phase will include urban living, offices, entertainment and retail spaces. The world headquarters of Dollar Tree will occupy a high-rise office tower under construction at the development.