For Sale: Hampton Roads Retail & Land Portfolio
available individually or as package
This is a unique offering which includes two stabilized retail properties and three separate development land assemblages. City Line Plaza is an existing neighborhood center with over 27,000 SF of leasable area, located in the desirable Churchland (Portsmouth/Chesapeake border) submarket. Carrollton Cove Shoppes includes +/- 10,000 SF of existing retail, plus two pad-ready sites for expansion of this center. The three development sites are all located along US Route 17 in Carrollton, Virginia - convenient to northern Suffolk, Smithfield and Newport News. Northern Suffolk and Carrollton have experienced significant growth in recent years and these properties are well located, offering unique residential and mixed-use development opportunities with significant presence on the main thoroughfare.
This portfolio offering is a total of +/- 26 acres of land, comprising two strip centers and three sites zoned and ready for development. Each asset is available individually, however the seller is offering a significant discount for an investor who acquires the entire portfolio. There is significant value-add opportunity with the existing income properties and potential development.
Call Ed Denton or Chris Burnett for more information at (757) 354-2115.
Portfolio Price: $7,000,000
City Line Plaza in Churchland
Carrollton Cove Shoppes on US 17
Three Development Sites on US 17
City Line Plaza
+27,000 SF Leasable Area
Strong occupancy history
9%+ Cap on Year 1 Proforma
Restaurant available to re-tenant
Near term value-add opportunity
Carrollton Cove Shoppes
+/- 10,000 SF Leasable Area
Two shovel ready pad sites
+/- 17,000 SF Expansion Area