A North Carolina-based investment group, led by Michael Holshouser and Nick Gonzalez, has successfully acquired two retail buildings located in the Peninsula Town Center, Hampton. Building G, which spans 62,672 square feet, is anchored by major retailers PetSmart and H&M. Meanwhile, Building H, encompassing 83,830 square feet, hosts popular dining establishments Buffalo Wild Wings and Five Guys. The transaction was facilitated by Jeff Fritz and Jay O’Donnell for the seller, with Tyler Brooks acting as leasing advisor.
In addition to the retail acquisition, the multifamily community known as The Pillars at Great Bridge, which consists of 192 units and was built in 2009, has been sold. The property is situated at 124 Fairwind Drive in Chesapeake. The seller, Nuveen, a globally recognized investment management firm, was represented in the transaction by Will Mathews, Thomas Leachman, and William Dickinson.
Amidst other notable transactions, the Economic Development Authority of the City of Chesapeake sold a property at 520 Resource Row to COVA Insurance for $434,000. The buyer was represented by Jon Elliott. Furthermore, Whitman Development Group LLC sold a building at 829 Tluchak Lane in Chesapeake for $260,000, with Jon Elliott again representing the seller.
Another significant transaction involved Bennett’s Creek Nursery, which acquired a 5,000 square foot building at 145 Fox Knoll Drive in Powells Point, North Carolina, from Turf & Garden Inc. for $610,000. The transaction was facilitated by Geoff Poston and Clay Culbreth on behalf of the seller.
The activity in Virginia Beach continues with Selko Real Estate Ventures LLC purchasing a 150,640 square foot building at 524 Viking Drive for $13.45 million. This property spans 15 acres. Geoff Poston and Brett Sain represented the buyer in this acquisition.
In a noteworthy residential acquisition, Harbor Group International purchased Reflections at Virginia Beach for $86 million. The 30-acre multifamily residential community was originally built in 1986 and consists of 480 one and two-bedroom apartments spread across 19 buildings.
The lease market is also active, with several notable agreements taking place. Dandy Bros’ LLC secured 1,200 square feet of retail space at 910 Great Bridge Blvd. in Chesapeake, represented by Jon Elliott. Additionally, Elevate Real Estate Group VA LLC has leased 800 square feet of office space at 1021 N. Eden Way, with Jon Elliott representing the tenant.
In a significant industrial lease, SupplyOne Weyers Cave Inc. has taken on 33,385 square feet at Bay Warehouses, 1400 Cavalier Blvd. in Chesapeake. This agreement was negotiated by Brett Sain, Christine M. Kaempfe, and Geoff Poston for the landlord.
The commercial real estate landscape continues to evolve with these transactions, reflecting ongoing investment and leasing activity in the region. From retail spaces to multifamily communities, the demand for diverse property types remains strong, signaling a robust market ahead.
