The Colliers International Retail Investment Team is pleased to announce the sale of Gainsborough Square in Chesapeake from Armada Hoffler Properties to Slate Asset Management. Gainsborough Square is one of seven retail centers in a $90 million grocery-anchored portfolio sale by Armada Hoffler Properties.
The neighborhood shopping center, built in 1999, comprises 88,862 square feet. It is anchored by a 44,874-square-foot Food Lion, the market leading supermarket with 42.3% of 2019 sales in the Hampton Roads region. Other major tenants include Rite Aid, Super Cuts, UPS Store, McCormick Paints and Subway. The center was 93.8% occupied at the time of the sale.
Gainsborough Square is located on N. Battlefield Blvd. The Greenbrier/Battlefield submarket is the number one mixed-use business district in the region and is surrounded by 19 million square feet of commercial space and more than 51,000 employees.
Other Virginia properties in the portfolio included Bermuda Crossroads in Chester and Indian Lakes in Virginia Beach.
Jeff Fritz, CCIM, CPM, vice president, and Jay O’Donnell, vice president, with Colliers International’s Norfolk and Charlottesville offices represented the seller. Colliers International’s leasing team includes Natalie Hucke, senior vice president, and Kevin O’Keefe, senior vice president.
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