Lingerfelt CommonWealth Realty Partners acquires Chesapeake retail center for $15.5 million
Lingerfelt CommonWealth Realty Partners LLC has acquired Towne Place at Greenbrier, a retail center in Chesapeake, for $15.5 million.
Towne Place, which is described as a high-end lifestyle retail center, is 94.7 percent leased. Built in 2007, it has more than 20 retailers in 76,827 square feet of space.
“The Greenbrier retail submarket currently enjoys a vacancy rate of only 2 percent,” Ken Strickler of Glen Allen-based Lingerfelt CommonWealth, said in a statement. “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.”
The tenants at the retail center include Taste Unlimited, Jason’s Deli, Chico’s, Sola Salon, Jos. A. Bank, Moe’s Southwest Grill, and Surf Rider Restaurant, among others.
Last year, Lingerfelt CommonWealth acquired a 1.3 million square foot office portfolio in Hampton Roads. The purchased included five class A office buildings in the Greenbrier submarket in Liberty Executive Park, which is adjacent to the Towne Place retail center.
Strickler said the company is excited about the possibilities to further integrate the office buildings with the Towne Place retail center.
Commonwealth Commercial Partners, Lingerfelt CommonWealth ’s property management affiliate, will handle all aspects of the day-to-day asset and property management. S.L. Nusbaum will handle the leasing and marketing.