Lingerfelt CommonWealth Nabs Upscale Retail Center in Hampton Roads

The 76,827-square-foot Towne Place at Greenbrier was constructed in 2007 and is 94.7 percent leased.
Towne Place at Greenbrier, Hampton Roads, Va.

Towne Place at Greenbrier, Hampton Roads, Va.

Chesapeake, Va.Lingerfelt CommonWealth Realty Partners has acquired Towne Place at Greenbrier, an upscale lifestyle retail center in Chesapeake, Va. The property, which was built in 2007 and is 94.7 percent occupied, changed hands for $15.5 million.

The high-end 76,827-square-foot center is located at 717-741 Eden Way, just off the Greenbrier Parkway and I-64/Hampton Roads Beltway. Sitting in a dense retail area, Towne Place serves a population of 201,589 residents within a 5-mile radius, with an average household income of $74,082.

Shadow anchored by Target and Harris Teeter, the center’s current tenants include JoS A. Bank, Chico’s, Taste Unlimited, Sola Salon, Moe’s Southwest Grill, Surf Rider Restaurand, Jason’s Deli and Cox Communications.

“The Greenbrier retail submarket currently enjoys a vacancy rate of only 2 percent… Towne Place at Greenbrier has a wonderful mixture of quality regional and national retailers which serve the heavy concentration of apartments, single-family housing, hotels and office buildings within walkable proximity to the center,” Ken Strickler, Lingerfelt managing director of investments & asset management, said in a prepared statement.

Richmond-based Lingerfelt CommonWealth is not new to the area, just last year having shelled out $110 million to acquire 22 office properties from Liberty Property Trust. The company’s Hampton Roads office portfolio, which sums up to 1.3 million square feet, is spread around Hampton, Virginia Beach, Norfolk and Chesapeake.

Leasing and marketing efforts will be handled by S.L. Nusbaum. Commonwealth Commercial Partners, a Lingerfelt company affiliate, will be in charge of asset and property management.

Image courtesy of Towne Place at Greenbrier via Facebook