DRE handles the sale of Hilltop Plaza, located in Virginia Beach's upper-income Hilltop section.

DRE Sells 152,025 Sq Ft Hilltop Plaza in Virginia Beach

VIRGINIA BEACH, VIRGINIA: The 152,025 square foot Hilltop Plaza Shopping Center has been sold to RIG Hilltop Plaza, LLC, an affiliate of Equity Investment Group for $8.05 million.

Located near the southwest corner of Laskin Road and First Colonial Road, the center serves the upper-income Hilltop section of Virginia Beach, Virginia.  "Hilltop Plaza is one of the premier properties in Virginia Beach," according to Daniel Finkle, vice president of investment sales for Divaris Real Estate.  "The combination of location, tenancy and long-term growth potential make this a very desirable asset."

Hilltop Plaza Shopping Center consists of an L-shaped, single-story building and two outparcels.  The multi-anchored community shopping center's tenants include Office Depot, JoAnn's Fabrics & Crafts, Sentara Health Systems and The North Carolina Company.  Situated on Laskin Road directly in front of the property are two out-parcels that are occupied by Bei-Jing Express and Outback Steakhouse. 

Michael Divaris, president of Divaris Real Estate and Finkle represented the seller, Hilltop Plaza Associates, Inc. in the negotiations.

The center sold remarkably quickly, with only a four-month turnaround from the start of marketing.   It helped to have a previous relationship with Equity Investments.  "Equity Investments is a good client of ours, with which we have worked in the past, and for whom we manage property in Maryland," Finkle said.

"We have been successful with Hilltop Plaza because the area's demographics are so desirable and because we were aggressive in marketing it.  Accessibility and visibility contribute to the center's appeal," adds Divaris.

Located along one of the three major north-south roads intersecting Virginia Beach Boulevard, Hilltop is a microcosm, reflecting a cross-section of the area's diverse population.   As a commuting corridor, it handles 33,970 cars daily on Laskin Road at First Colonial. 

Hilltop's trade area encompasses Virginia Beach General Hospital, its surrounding medical/professional offices, and also Oceana Naval Air Base which employs 10,000 active duty military and 1,800 civilian employees. Some of the city's most affluent residential communities are located in close proximity to Hilltop, as are a large concentration of multifamily units and townhouses.

Laskin Road is easy for visitors because it is a straight shot from the beach.  Besides the seasonal guests at the 97 oceanfront hotels to the east, there is a significant density of year-round population surrounding Hilltop.   Nearly 155,000 people live within a five-mile radius of the intersection of Laskin Road and First Colonial Road. 

In response to the high population growth in Hilltop, there was a veritable tidal wave of new development in the Hilltop trade area in 2000. Retailers in the submarket include Borders Books & Music, Kroger, Office Depot, Michael's, The Fresh Market, Target, Stein Mart, and Super Kmart.

Accessibility has been a big factor in the growth of the retail corridor.  With the on-ramp to Interstate 264, less than one eighth of a mile from the intersection of First Colonial and Laskin Roads, Hilltop is also only 2-1/2 miles from the popular Virginia Beach oceanfront resort strip.  Therefore, tourists make up a part of the demographic profile of the typical Hilltop shopper.

Divaris became an integral part of Hilltop Plaza in 1992, when it was appointed exclusive leasing and management agents for the center.  At that time, it was 90 percent vacant and had been turned over to its lender.  Divaris increased its occupancy to 98 percent before selling the center.