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Q1 2021 | Norfolk Retail Forecast and Research Report

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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.


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Q1 2021 | Norfolk Retail Forecast and Research Report

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Related Experts

Komail Khaja

Director - Research

Richmond - North

Komail is the Director of Research for Central and Southeast Virginia.  He joined Colliers | Virginia in January of 2019.

Komail oversees research operations throughout the region, manages the Research Analysts in the company, and supports all the company’s brokers primarily in the Richmond and Norfolk offices.  He began his real estate career in 2014 as a Real Estate Services Manager for the Fairfax County Economic Development Authority and then moved to CBRE as a Business Research/Data Intelligence Analyst/  He provides valuable customized research data which includes market trends, lease and sale comparables, GIS mapping, economic information and more.  In addition, he is also responsible for quarterly market reports, maintenance of the company research database, and tracking notable news/patterns pertaining to the local real estate market.

His foundations are in Geographic Information Systems (GIS), data visualization, urban planning, demographics, and business development. 

Komail understands the needs of clients and works to deliver top-notch market research and analysis to help our sales professionals deliver the best service to their clients so they can make the most informed decisions on their real estate needs.

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Chad Braden

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Scott Adams

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J. Scott Adams, CCIM, has over 27 years’ experience in the commercial real estate industry as an investment sales broker, corporate leader, project manager, and consultant.  Since 1993, Mr. Adams has led the negotiation and sale closings of $1.7 Billion of investment sales of office, office/flex, and industrial properties, primarily in the Virginia markets of Hampton Roads, Richmond, and Charlottesville. He has consistently been recognized as a top regional dealmaker and trusted adviser for institutional and local owners. Mr. Adams remains an active investment sales broker in addition to his corporate leadership responsibilities.

As President of Colliers I Virginia, Mr. Adams is primarily responsible for leading the Colliers International brokerage and asset services teams to be the top performer throughout Southeast and Central Virginia. Mr. Adams has leadership responsibilities for all regional corporate support functions in that region as well. Beginning fall 2020, Mr. Adams will also have leadership oversight for the Raleigh, NC market. 

Prior to Colliers International, Mr. Adams was President for CBRE’s Mid-South Region Affiliate Offices (including offices in Virginia and throughout North Carolina) as well as a Senior Consultant with Kenneth Leventhal & Company (now part of EY) in their Washington, D.C. office. 

Mr. Adams is also actively involved in serving the military veteran community as well as for real estate initiatives at the University of Virginia. 

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Chris Read

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Chris Read specializes in the sale and leasing of retail property for Colliers | Virginia.  As the Director of the Retail Services Team in Norfolk, Virginia, he has extensive recent and long-term experience generating positive results to owners, developers and tenants in the retail sector for over 24 years.

On behalf of national and regional clients, Chris has achieved success on a multitude of assignments including, but not limited to, shopping center leasing and sales, site selection, new retail developments, land subdivisions and parcel sales to end users, tenant-mix strategies, architectural guidance/shopping center design, 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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Ned Brooks

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Norfolk - Main

Ned Brooks joined the Retail Leasing and Sales Team of Hampton Roads in 1999. He develops and implements marketing strategies for shopping centers, property owners, buyers, and tenants by providing in-depth market analysis, site selection, lease and sales negotiation services. Ned was called on by Navy Federal Credit Union, the world’s largest credit union chain, for a major branch expansion in Hampton Roads and beyond. To date, he has completed over 30 branch locations. More recently, he was selected by Aldi US to assist with their grocery store expansion in the region. There are currently 15 completed transactions and more pending. In his over 30-year involvement in commercial real estate, he has exclusively represented over 50 centers in the Hampton Roads marketplace and served dozens of retailers in both Virginia and North Carolina. His assignments range from box disposition and general sales of land and buildings, to tenant representation and shopping center leasing.

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