An affiliate of Yale Realty Services Corp. has acquired the Landstown Commons Shopping Center in Virginia Beach for $102 million. The 408,851-square-foot retail property is located at 3332 Princess Anne Road within the city’s primary retail corridor and is anchored by several prominent national retailers.
Major tenants at Landstown Commons include Best Buy, Homesense, Burlington, PetSmart, Ross Dress For Less, Old Navy, Ulta, Five Below, OfficeMax, and Kohl’s. In addition to these national brands, the center features a range of restaurants and small shops designed to serve both local residents and the surrounding office market.
The transaction was brokered by Rob Carter of Berkeley Capital Advisors, with financing provided by the Bank of Montreal. The property’s seller is an undisclosed real estate investment trust (REIT). Legal representation for the buyer, an affiliate of Yale Realty Services, was provided by the law firm Moritt Hock & Hamroff.
“This shopping center, with its mix of shopping, dining, entertainment and fine retail, makes it a perfect investment for us,” stated Yale Realty representative Paprin.
In related news, Connect CRE is currently accepting nominations for its annual recognition of Commercial Real Estate’s Leading Investment Sales and Leasing Brokers. Now in its ninth year, the program highlights the top professionals in the industry based on their achievements over the past year.
