Divaris Real Estate Solutions for Landstown Commons

photo of Leisureworld Plaza and Professional Building in Silver Spring, MD

Landstown Commons, Virginia Beach, VA
New retail and office developement where DRE represented both the Landlord and several Tenant Representative clients including 89,000-sf Kohl's, and junior anchors Ross Dress For Less, Bed Bath & Beyond, PetSmart, ULTA and Best Buy.

Landstown Opens in Beach’s High-Growth Corridor -- Kohl’s, Bed Bath & Beyond, Best Buy, OfficeMax, PetSmart and Ross Anchor

HISTORY

What was once the gateway to the agricultural region of Virginia Beach, Va. is now becoming the city’s hub of rapid growth. One 60.5-acre farm, situated on the northeast corner of Dam Neck and Princess Anne Roads showed exceptional potential. The site’s location was the prime attraction, in the high growth corridor where there was a definite lack of quality retail space nearby.

Neighboring an area of high residential growth the site for Landstown Commons is adjacent to many traffic generators in the Princess Anne corridor – Virginia Beach's Municipal Complex, Virginia Beach National 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.

Further enhancing the possibility of a project’s success is the planned widening of Princess Anne Road and the proposed new Southeastern Expressway. This new interstate, when completed, will help alleviate some of the pressure on Interstate 264 and allow traffic on Princess Anne Road to flow more smoothly, while connecting Virginia Beach with Chesapeake. At this time, even without these upgrades, an estimated 50,000 vehicles pass by the property each day.

SCOPE OF THE ASSIGNMENT

Divaris Real Estate Inc. (DRE) sold the land at the corner of Dam Neck and Princess Anne Roads to Florida-based developers, The Goodman Company, kicking off the area’s commercial transformation. A 500,000-square-foot, mixed-use development was planned for construction. Complementing the retail component, the plans called for 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.

Divaris played a big part in introducing Goodman to the project and in getting it zoned for development. Soon after negotiations for the land sale were complete, The Goodman Co. selected local representation, naming DRE the exclusive leasing agent for both the retail and office space in Landstown Commons.

RESULTS

On completion in March 2008, the leasing for the retail space in Landstown Commons was 90 percent complete.

The project 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.

The entire center is serviced by 2,455 parking spaces, interwoven with landscaped sidewalks. The park-like design is a first for Virginia Beach. In fact, the project's excellence has been recognized with an award from the Virginia Beach City Planning Commission for its exceptional design.