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Lynnhaven East and North Mall Shops Sells for $8.5 Million

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.


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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 joined the firm's Charlottesville office  as Vice President of Brokerage Services in 2015 and was promoted to First Vice President in 2020. As a member of the Colliers Retail Investement Property Group, Jay focuses on advising private and institutional investors in the dispostion and acquisition  of retail assets throughout the mid-atlantic. 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 developement, 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.

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Chris Read

Senior Vice President

Norfolk - Main

Chris Read specializes in the sale and leasing of retail property for Colliers | Virginia.  As the Southeast Retail co-team leader, he has extensive recent and long-term experience generating positive results to owners, developers and tenants in the retail sector for over 25 years.

On behalf of national and regional clients, Chris has achieved success on a multitude of assignments including shopping center leasing, site selection, new retail developments, land subdivisions and parcel sales, tenant-mix strategies,  big box leasing, redevelopment projects, portfolio leasing/sales, tenant representation, complex contract negotiations, investment sales and surplus property dispositions.  This knowledge base presents a thorough understanding of special requirements to furnish a personalized approach to individual client needs. 

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Jeff Parker

Senior Vice President

Norfolk - Main

Jeff Parker, CCIM, is a Senior Vice President in the Norfolk office of Colliers International. Jeff is a Hampton Roads native and has over 22 years of experience in commercial real estate as a broker, national retailer, manager, and principal. Jeff started his career in the Norfolk office of CBRE specializing in investment sales and leasing. Mr. Parker transitioned to Dollar Tree Inc./ Family Dollar as real estate portfolio manager where he handled lease restructuring and portfolio improvement for over 1,200 stores and received a hands-on education from one of the most prominent international retailers. He then transitioned to Director of Leasing for a Virginia based REIT where his team consistently exceeded industry average rent spreads increasing value for a portfolio of 60 shopping centers with over 5.5 million square feet in 12 states.

Jeff returned to his former CBRE office, now Colliers International, after the acquisition of the Virginia offices. Jeff leads his own investment properties brokerage team, and since his return has completed many notable investment sales and leases.

Jeff is a seasoned and trusted advisor who has a comprehensive understanding of multiple asset classes which allows him to consistently create and preserve value for his clients.

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