Chesapeake shopping center sells for $13.6M

The 88,862-square-foot property is 93.6% leased.

Published June 8, 2020 by Sydney Lake

The Gainsborough Square shopping center in Chesapeake sold on June 2 for $13.6 million, according to city property records. 

Virginia Beach-based Armada Hoffler Properties Inc. (which declined to state the sales price) sold the 88,862-square-foot property to Slate Asset Management, according to a June 3 announcement from Colliers International. The property last changed hands in 2000, when Armada Hoffler bought the property from A/H Gainsborough Associates LLC for $8.6 million. 

Built in 1999, the shopping center’s primary tenant is a 44,874-square-foot Food Lion. Other tenants include Rite Aid, Super Cuts, The UPS Store, McCormick Paints and Subway. The shopping center located on North Battlefield Boulevard was 93.8% occupied at the time of the sale.

Colliers Vice Presidents Jeff Fritz and Jay O’Donnell, with the real estate company’s Norfolk and Charlottesville offices, represented the seller. The leasing team for the property now includes Senior Vice Presidents Natalie Hucke and Kevin O’Keefe.

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