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Momentum is the Word for the First Quarter
Key Events
• As architectural design plans are being finalized and financing is being secured, the City of Virginia Beach has stated that Atlantic Park, a $325 million mixed-use surf park and entertainment center at the Virginia Beach Oceanfront, could break ground by the end of the year. The most recent steps taken in the project is the development authority approving an additional $300,000 for studies related to the project, as well as Virginia Beach City Council approving plans for additional funding, since the project will be more expensive than initially expected. If this development comes to fruition, it will bring 230,000 square feet of retail space to the market.
• Strong sales activity continued during Q1 2021 in the Norfolk market. On January 26th, Wheeler Real Estate Investments LLC sold Berkley Center to P3 Props LLC for $4 million, or $78.16 per square foot. This 51,1776 square-foot property, located in Norfolk, was 45.7% occupied at the time of sale, with tenants
such as Family Dollar, nTelos, and Beauty Town. In January, Manuel Sanders sold Town & County Plaza to County Town Plaza LLC for $2.9 million, or $74.63 per square foot. The 39,000 square-foot retail center, located within the Williamsburg submarket, was 100% leased at the time of sale, with tenants such as Family Dollar, NAPA Auto Parts, and a CHKD Thrift Store.
• The Summit Pointe Phase II delivery that occurred in Q4, which brought over 20,000 square feet of ground floor retail space, is currently in lease-up. Currently, Wasserhund Brewing Company will be leasing 4,000 square feet of this space and should be opening during the summer. The leasing activity around the rest of the space will be a good indicator for the future of high-quality retail in the region.
