Colliers is pleased to announce the investment sale of Hampton Towne Centre, located at 1 Towne Centre Way in Hampton, from a global real estate investment advisor to Reserve Development.
The 174,540-square-foot retail center is situated on a 16.16-acre site along I-64 across from Thomas Nelson Community College and surrounded by a quickly growing commercial district in Hampton. The center is anchored by Ace Hardware, Rite Aid, Dollar Tree, and Chuck E Cheese, and it is currently 47.9% occupied.
“Hampton Towne Centre provides the new owner the unique opportunity to maintain stable cash flow from long-standing credit tenants, while also providing the opportunity for high value-add through leasing of existing vacancies,” said Jeff Fritz, CCIM, CPM, vice president of investment properties for Colliers. “The highly competitive nature of this transaction illustrates the investment appetite for well-located retail assets in the Hampton Roads region.”
Jeff Fritz, vice president, Jay O’Donnell, first vice president of brokerage services; and Ben Clarke, associate, with Colliers represented the seller in the sales transaction.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional service and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of the property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers, or LinkedIn.