Advertisement

Header Utility Menu

  • Subscribe
  • Advertise
  • Contact Us
  • Events

LinkedIn Facebook Twitter Instagram Get Our App

  • Login

Virginia Business

Mobile Menu

  • Issues
  • Industries
    • Banking/Finances
    • Business Law
    • Commercial Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • Coronavirus 2020
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • Diversity Leadership Series
    • Vote Now for Women in Leadership
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read the issue
    • Order a copy
    • Buy an award plaque
    • Nominate execs for 2021

Advertisement

Header Primary Menu

  • virginiabusiness.com
  • Subscribe
  • Advertise
  • About Us
  • Contact Us

Home News Industries Commercial Real Estate Wheeler Real Estate Investment Trust acquires JANAF shopping center for $85.6 million

Wheeler Real Estate Investment Trust acquires JANAF shopping center for $85.6 million

Published January 22, 2018 by Paula C. Squires

JANAF shopping center courtesy Wheeler Real Estate Investment Trust.


Wheeler Real Estate Investment Trust Inc., a company with a primary focus on grocery-anchored centers, said Monday that WHLR-JANAF LLC, a wholly owned subsidiary of the firm, has purchased JANAF Shopping Yard shopping center in Norfolk for $85.6 million.

At 887,917-square-feet, JANAF is the largest open-air shopping center in the region. According to CBRE broker Ryan Sciullo who, along with Bill Kent handled the sale, the transaction represents the largest non-mall retail sale in Hampton Roads in the past five years.

When it opened in 1959, JANAF Shopping Yard was one of the first large suburban shopping centers in the U.S. The property’s original investment group was composed of retired and active-duty military personnel who named the center JANAF, an acronym for Joint Army Navy Air Force.

“JANAF Shopping Yard is a key shopping district serving Southside Hampton Roads, and this growing area is attracting robust investment,” Norfolk Mayor Kenneth Cooper Alexander said in a statement.  “The city’s vision for this area is building on various assets and will play an important role in defining our future. We appreciate that Wheeler is increasing its corporate portfolio to include one of Norfolk’s commercial destinations. And, we are proud to have local ownership of this valuable asset.”

Jon S. Wheeler, chairman and CEO of Virginia Beach-based Wheeler, describes JANAF as “an iconic property located nine miles from our corporate headquarters. This asset aligns perfectly with our business strategy of owning the dominant center in secondary and tertiary markets. We expect JANAF to be a long-term play for WHLR as we believe there is tremendous value in the underlying real estate,” Wheeler said in a statement.

JANAF is located at the intersection of Military Highway and Virginia Beach Blvd., one of the area’s most traveled intersections. It is easily accessible to Interstates 64 and 264.

Chuck Rigney, Norfolk’s director of economic development, noted that the area surrounding JANAF is experiencing an economic boom with the recent opening of the Norfolk Premium Outlets and with IKEA’s planned second store in Virginia.

Since its opening, JANAF Shopping Yard has undergone numerous transformations with the last major renovation in 2006. As of Sept.  30, 2017, it was 94% occupied, according to Wheeler Real Estate. Tenants include BJ’s Wholesale Club and Fuel Center, 151,345 square feet; Big Lots, 42,500 square feet; T.J. Maxx, 37,383 square feet; and Petco, 17,000 square feet.

JANAF also is home to a number of restaurants including Hooters, Logan’s Roadhouse, Olive Garden, Cici’s, Panera Bread, Popeyes, Applebee’s and Firehouse Subs. Additionally, there is a six-stall Tesla supercharging station.

Related Stories

Virginia Business logo

Jones Lang LaSalle expands in Hampton Roads

Virginia Business logo

Greenwich Village apartments in Va. Beach sell for $36.2 million

Virginia Business logo

​Mythics to relocate corporate headquarters in Virginia Beach

Trending

Finance/Insurance: STEPHAN Q. CASSADAY

Finance/Insurance: PAUL B. MANNING

Federal Contractors/Technology: JASON PROVIDAKES

Education: ANNE M. KRESS

Artemis I to launch with help from Va. contractors

Sponsored Stories

Why is my Less Than Truckload (LTL) freight pricing going up and my service level going down?  

Beyond Juneteenth – How Capital One is Commemorating and Implementing Change

How We Help Your Business Operate Better

Before the Breach: Get Serious About Cyber Resilience

Professionals are Discovering What it Means to Live Uniquely in the Alleghany Highlands of Virginia

Riverside Logistics Celebrates 25th Anniversary!

Girls for a Change Empowers Black Youth for the Future Workforce

The Jackson Ward Collective is equipping Black-owned small businesses with the tools for success

Advertisement

Advertisement

Trending

Finance/Insurance: STEPHAN Q. CASSADAY

Finance/Insurance: PAUL B. MANNING

Federal Contractors/Technology: JASON PROVIDAKES

Education: ANNE M. KRESS

Artemis I to launch with help from Va. contractors

Sponsored Stories

Why is my Less Than Truckload (LTL) freight pricing going up and my service level going down?  

Beyond Juneteenth – How Capital One is Commemorating and Implementing Change

How We Help Your Business Operate Better

Before the Breach: Get Serious About Cyber Resilience

Professionals are Discovering What it Means to Live Uniquely in the Alleghany Highlands of Virginia

Riverside Logistics Celebrates 25th Anniversary!

Girls for a Change Empowers Black Youth for the Future Workforce

The Jackson Ward Collective is equipping Black-owned small businesses with the tools for success

Get Virginia Business directly on your tablet or in your mailbox!

Subscribe to Virginia Business

Advertisement

Advertisement

Footer Primary Menu

  • virginiabusiness.com
  • Subscribe
  • Advertise
  • About Us
  • Contact Us

Footer Secondary Menu

  • Industries
  • Regions
  • Reports
  • Company News
  • Events

Sign Up For Our Newsletter

Sign Up

LinkedIn Facebook Twitter Instagram Get Our App

Privacy Policy Cookie Policy

Footer Utility Menu

Copyright © 2023 Virginia Business. All rights reserved.

Site Maintained by TechArk