REO | Value-Add Retail | Greenbrier Mall (Virginia Beach-Norfolk MSA)

INVESTMENT HIGHLIGHTS

Steady Cash Flow Asset
$7.6MM of gross income and an NOI of $3.5MM

Value Add Components

• Restaurant Pad Opportunity - Included in the sale of the Property is an available pad/restaurant building which has garnered interest from several dining operators and could later be monetized through a separation and sale.
• NOI Growth Potential through lease up of existing vacancy which includes an exterior facing 20,000 SF former entertainment/restaurant space.
• Additional Developable Pads - There is interest from several national tenants, including a grocer to develop a new pad site at the Property.

Located in the Main Commercial Hub
The Mall is located in the Greenbrier area of the City of Chesapeake, the largest center for employment in the city, with an average daytime employment of nearly 50,000 people. It is also a destination for shopping/restaurants and a growing number of residential offerings.

Healthy In-Line Sales of $465 PSF
With key national tenants trending positively.

Naval Station Norfolk
The Mall services the world’s largest naval station, Naval Station Norfolk, with over 82,000 active duty military on base as well as over 29,000 civilians.

Dine In Movie Theater
Provides unique entertainment component to draw additional traffic to the Property.
 
Excellent Access & Frontage
Along a major retail corridor (150,000 VPD), surrounded by national retailers including  Barnes and Noble, Best Buy, Dick’s Sporting Goods, Target, T.J.Maxx, Walmart, and several hotels.

 

OFFERING DETAILS

Newmark has been exclusively retained to market to qualified investors the opportunity to acquire Greenbrier Mall (the “Property” or “Mall”), a dominant super-regional mall located in Chesapeake, VA. The Mall consists of approximately 900,206 square feet (562,209 SF owned) of gross leasable area in the Virginia Beach-Chesapeake-Norfolk MSA of Eastern Virginia. The Mall is anchored by Dillard’s (160,000 SF, Unowned), JCPenney (105,260 SF) and Macy’s (140,772 SF), which are complemented by a line-up of strong national retailers highlighted by American Eagle, Bath & Body Works/White Barn, Foot Locker, H&M, Miniso, and Victoria’s Secret.

The Property is strategically located at the intersection of Hampton Roads Beltway / I-64  (150,000 VPD) and Greenbrier Parkway (75,000 VPD) and is surrounded by several name brand national retailers, such as Barnes and Noble, Best Buy, Dick’s Sporting Goods, Target, T.J.Maxx, Walmart, and several hotels. The presence of these retailers and hotels helps drive additional foot traffic to the area. This offering represents a unique opportunity to acquire a stabilized and well-performing asset with numerous avenues of value enhancement.