NORFOLK, Va, March 31, 2022 – Colliers’ Retail Investment Group is pleased to announce the sale of Lynnhaven East and North Mall Shops, located at 2701and 2704 N Mall Drive in Virginia Beach (the “Asset”), for $8,500,000.00.
The Asset encompasses 106,524 square feet and is occupied by major retailers including Dick’s Warehouse and Chipotle. With over 96,000 square feet of vacancy across two parcels, the Asset provides the new owner multiple avenues for value creation. The Asset benefits from the area’s rapidly growing demographics, the surrounding retail and entertainment developments, and is strategically located along Lynnhaven Parkway near major Hampton Roads transportation connectors, creating a regional destination.
Jeff Fritz and Jay O’Donnell, along with leasing advisors, Chris Read and Jeff Parker, marketed the property on behalf of the seller, Rialto Capital Partners.