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Colliers International Announces Sale of Gainsborough Square in Chesapeake, Va.

The Colliers International Retail Investment Team is pleased to announce the sale of Gainsborough Square in Chesapeake from Armada Hoffler Properties to Slate Asset Management. Gainsborough Square is one of seven retail centers in a $90 million grocery-anchored portfolio sale by Armada Hoffler Properties. 

The neighborhood shopping center, built in 1999, comprises 88,862 square feet. It is anchored by a 44,874-square-foot Food Lion, the market leading supermarket with 42.3% of 2019 sales in the Hampton Roads region. Other major tenants include Rite Aid, Super Cuts, UPS Store, McCormick Paints and Subway. The center was 93.8% occupied at the time of the sale. 

Gainsborough Square is located on N. Battlefield Blvd. The Greenbrier/Battlefield submarket is the number one mixed-use business district in the region and is surrounded by 19 million square feet of commercial space and more than 51,000 employees. 

Other Virginia properties in the portfolio included Bermuda Crossroads in Chester and Indian Lakes in Virginia Beach. 

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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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