Colliers International is pleased to announce the sale of Cahoon Commons Shopping Center, a 75,023-square-foot neighborhood center located at 644-648 Grassfield Parkway in Chesapeake to Grassfield Parkway, L.L.C. Jeff Parker, a Colliers investment sales broker and Sharon Holmstrom, vice president, executed the sale on behalf of Sun Life Assurance Company of Canada for $5,100,000.
The property is centrally located in the Dominion growth corridor of Chesapeake and benefits from dense market drivers within the trade area including one of the region’s top performing Walmart Super Centers. The center is well positioned to achieve near term upside through the deployment of an aggressive leasing strategy that will draw from strong residential growth, Tidewater Community College, multiple national retailers, and a robustly expanding demographic base that is growing at twice the national average.
“This asset presents an incredible value-add opportunity in our region, and it holds enormous upside potential for the new ownership,” said Parker, senior vice president at Colliers International. “Despite the significant challenges and uncertainty in the current economic environment, we are seeing an increasing amount of capital from investors in search of opportunities across all asset classes. We are here to assist investors and owners with both stabilized and distressed assets, leveraging our extensive market knowledge and the Colliers International platform.”
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.