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Colliers Announces Sale of Buckner Plaza in Virginia Beach for $6.426 Million

Buckner Plaza
Colliers’ Retail Investment Group is pleased to announce the sale of Buckner Plaza at 3208 Holland Road in Virginia Beach from Club Forest Buckner, LLC to VB-GC-RA 18 LLC for $6.426 million. 

Buckner Plaza is a 63,500-square-foot grocery anchored neighborhood center located on a 5.48-acre parcel along Holland Road, a major artery in Virginia Beach. Currently 95.4% leased, the center’s anchor tenants include Food Lion and Dollar General. Food Lion has occupied the center since its development in 1986. The center was renovated in 2015. 

“The committed and high-performing grocery and discount anchors, sought after essential and e-commerce resistant tenant mix, as well as the strategic location within the densely populated trade-area made Buckner Plaza an excellent investment opportunity,” said Jeffrey Fritz, vice president of investment sales for Colliers.

Fritz and Jay O’Donnell, first vice president with Colliers’ Retail Investment Group represented the seller, and Michael Ettel, senior associate with Colliers represented the buyer.
 

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Jeff Fritz

Vice President

Norfolk - Main

Jeff Fritz is a Vice President and a plaform leader of Colliers Retail Investment Property Group. In this capacity, he is responsible for supervising and directing retail investment sales activities. Jeff also works to advise private and institutional investors on the acquisition and disposition of retail assets throughout the Mid-Atlantic. Prior to joining Colliers, Jeff had 13 years of commercial real estate experience in development, asset management and real estate management primarily focused on retail properties. Through his prior experience, Jeff developed a thorough understanding of retail property financials, construction, development, leasing, and operations which serve his investment property practice well.

Jeff is actively involved in ICSC as well as being a member of the Hampton Roads Association of Commercial Real Estate (HRACRE) and the CCIM Institute.

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Jay ODonnell

First Vice President

Charlottesville

Jay O'Donnell is a First Vice President in the firm's Charlottesville, VA office. As a platform leader of the Colliers Retail Investment Property Group, Jay is an expert in advising private and institutional investors in the disposition and acquisition of retail assets throughout the mid-atlantic. Along with partner, Jeff Fritz, the team has sold over $400mm in assets over the last five years. Jay also performs occupier and agency services as well as user and investment sales in Charlottesville and central Virginia.

His previous position was with CBRE in their Washington, DC office where Jay was responsible for over 1 million square feet of existing inventory as well as product under development in the district, suburban Maryland and Northern Virginia. His responsibilities included tenant generation and prospecting, business development, multiple market analysis, landlord services and lease and sale negotiations before focusing on capital markets and joining the CBRE Mid-Atlantic Investment Team.  

Prior to his career in commercial real estate, Jay worked for a sports production firm in Winchester, VA. He graduated from the University of Virginia with a degree in Economics and enjoys being back in Charlottesville where he is an active member of the community.

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