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R E T A I L
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Virginia Beach's Landstown Commons opens with national big box retailers
Kohl's, Bed Bath & Beyond,
OfficeMax, PetSmart,
Ross Dress for Less, A.C. Moore, Best Buy and Books-A-Million.
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Hampton
Roads Continues Retail Growth Spurt
VIRGINIA
BEACH, VIRGINIA – “The
major retail nodes of Hampton Roads had excellent activity throughout
2007,” said Senior Vice President Mary McGovern of Divaris Real Estate
Inc. (DRE). “Looking forward, I see more mixed-use projects and
modified projects, like regional strip centers or malls with an outdoor
lifestyle component and second-floor office space.”
From its headquarters in Virginia Beach, Va., DRE does it
all. It represents a myriad of clients with their expansion plans and
leases retail properties throughout Hampton Roads, the 1.7 million-person
Metropolitan Statistical Area comprising Virginia Beach,
Norfolk, Chesapeake,
Portsmouth, Suffolk,
Hampton, Newport
News and Williamsburg,
Va. With several retail projects in
the area positioned to take advantage of the surrounding high growth of
residences and corporations, the Hampton Roads market promises to be just as
active in 2008 as it was in 2007.
Virginia Beach’s
new Landstown Commons is one of those sites.
In 2007, the 500,000-square-foot, mixed-use development was constructed at
the corner of Dam Neck and Princess Anne Roads in the city’s Gateway
corridor. The project was completed in March 2008 and includes national
big box retailers Kohl’s, Bed Bath & Beyond, OfficeMax, PetSmart, Ross Dress for Less, A.C. Moore, Best Buy,
Books-A-Million and several regional and local small shop retailers.
Complementing the retail component are
The Offices at Landstown Commons, with approximately
40,000 square feet of office space, located above first floor retail and
easily accessible through an elevator lobby in the breezeway between the
retail buildings, in the courtyards shops.
Neighboring an area of high
residential growth, Landstown Commons is adjacent
to many traffic generators in the Princess Anne corridor – Tournament
Players Club (TPC) golf course, the Verizon
Virginia Beach Amphitheater, the Sportsplex
Stadium, the new Sentara Health Campus, the
Advanced Learning Center, an adjunct campus of Norfolk State and Old Dominion
universities, and the Virginia Beach Campus of Tidewater Community
College.
DRE is the exclusive leasing agent for
developers The Goodman Company for both the retail and office space in Landstown Commons.
Another project taking advantage of
its ideal location is Harbour View East.
Bounded by Interstate 664, College Drive
and Townpoint Road in >Suffolk, >Va.,
the power center will be comprised of 450,000 square feet of retail space
upon completion. Anchored by Wal-Mart Supercenter, Kohl’s,
OfficeMax and Bed Bath & Beyond, Harbour View
East’s in-line tenant roster includes: Firehouse Subs, Mattress
Discounters, Panchero’s Mexican Grill,
Hallmark Cards, Ruby Tuesday, Payless ShoeSource,
Hair Cuttery, RadioShack,
and Bestway Rent-to-Own, among others.
Harbour View is near Hampton Roads Crossing, a new
mixed-use development, including a 34-acre residential complex and two
hotels. Just north is a 32-acre research, education and technology
park, featuring the Old Dominion University’s Virginia Modeling
Analysis and Simulation Center and the Tri-Cities Higher Education Center.
With the city of Suffolk’s
enormous residential and daytime population growth, “Harbour View East has emerged as one of the largest and
most extensive retail centers in the market,” says David Redmond,
retail sales and leasing agent in DRE’s Virginia
Beach headquarters.
“At the start of 2007, it
wasn’t like this. All of its growth happened in the last
year. Harbour View East is significant to
that whole market, only accelerating the northward migration of retail from
the southern Chesapeake area to Harbour View. It’s becoming a powerful retail
market unto itself,” he adds.
DRE has been appointed the exclusive
leasing agent and property manager for Harbour View
East, a development of Chicago-based Landonomics
Group.
On the Virginia
Peninsula, The Marquis is a
mixed-use, open-air retail “power town” center situated on 238
acres at the intersection of Interstate 64 and Route 199 in Williamsburg.
Built in two phases by Indianapolis-based Premier Properties, the first
phase, comprised of 500,000 square feet opened late spring 2008. When
finished, The Marquis will encompass approximately 1 million square feet of
space in a unique layout on a body of land bordered by the James
River, the York River and the Chesapeake
Bay. Anchors Kohl’s, JC Penney’s, Dick’s
Sporting Goods, Best Buy and Target are open. ULTA and DSW have also
signed on to join the project. DRE is the exclusive leasing agent for
the big box, small shop, restaurant and office space
in The Marquis.
The retail/entertainment development
is adjacent to three major tourist attractions: Busch Gardens
Williamsburg, Water Country USA and Colonial Williamsburg. Not only is
it a popular tourist destination and college town, Williamsburg
is one of the fastest growing, upper-income areas in the east.
“We know the market and we know the
retailer,” said McGovern, who assists clients such as Bed Bath &
Beyond, Best Buy, Dick’s Sporting Goods, Kohl’s, Ross Dress for
Less and Trader Joe’s with their expansion plans throughout the region.
“To keep them performing well in
Hampton Roads, we show our clients A-plus sites that will allow them to
surpass their competition, keep them accessible and exposed to their target
market in areas with excellent demographics. We present to them sites
they can’t pass up.”
Divaris
Real Estate, Inc.
One
Columbus Center, Suite 700
Virginia
Beach, VA 23462
TEL:
757.497.2113 FAX: 757.497.1338
info@divaris.com
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