2015 real estate market review - retail - odu.edu

retail2015 hampton roads real estate market review

2015 retail

Author David Machupa Cushman & Wakefield | THALHIMER

Survey Collection Luisa Lucero E.V. Williams Center for Real Estate and Economic Development Old Dominion University

Data Analysis/ David Chapman, Ph.D.Layout Old Dominion University

Financial The E. V. Williams Center for Real Estate and EconomicSupport Development (CREED) functions and reports are funded by donations from the CREED membership, organizations, and individuals.

Disclosure The data used for this report are deemed reliable; however, neither Old Dominion University, the E. V. Williams Center for Real Estate and Economic Development, nor sponsoring companies and/or individuals make any representation or warranty as to its accuracy.

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General Overview

This report analyzes the 2014 retail real estate conditions within the Virginia Beach-Norfolk-Newport News, Virginia Metropol-itan Statistical Area (MSA) which is commonly referred to as

Hampton Roads. The report examines supply, vacancy, construction, absorption, and rent data to provide a comparison of data for the specific submarkets and product types located within the Southside and Peninsula regions of the Hampton Roads MSA. Southside properties surveyed for the purpose of this report included those located in the cities of Chesapeake, Norfolk, Portsmouth, Smithfield, Suffolk and Virginia Beach. Peninsula properties surveyed are located in the cities of Gloucester, Hampton, Newport News, Poquoson, Williamsburg, and York County.

This survey is recognized as the most comprehensive analysis of retail real estate trends in the HamptonRoads MSA. The report includes information on all retail property types including regional malls,freestanding buildings and strip centers of various classifications. The scope of the report also includesa summary of new retail construction activity, an analysis of absorption, and a review of selected retailinvestment sales that have occurred in the region in 2014.

This survey gathered information about strip shopping centers and regional malls located in the Hampton Roads MSA that were generally 30,000 square feet in size or larger. Additionally, information on retail-oriented freestanding buildings at least 23,000 square feet and freestanding buildings that contained furniture stores, discounters, grocery stores or category killer retailers that met the established size criteria were included in the survey.

Automotive uses and buildings containing “downtown storefronts” were not included. Although available retail space in many submarkets (e.g. Ghent) is best described as a collection of small specialty shops, storefronts or freestanding buildings, practical limitations dictated that the focus of the survey be on larger product types.

The survey data were collected between November 2014 and January 2015. Questionnaires were mailed to owners, leasing agents and property managers responsible for retail properties meeting the selection criteria. Direct contact was utilized as a follow-up to the mailing to encourage participation. Information on square footage for freestanding buildings was obtained from building owners, tax records, store managers and retail real estate representatives. Sales information was obtained from property owners, real estate agents, appraisers and real estate assessors.

METHODOLOGY

Regional Mall Node: Submarket anchored by regional mall.

Small Shop: In-line retail space usually less than 10,000 square feet located in a multi-tenanted shopping center.

Submarkets: Hampton Roads is divided into 35 retail submarkets (25 Southside submarkets and 10 Peninsula submarkets) which reflected general concentrations, pockets or corridors of retail product type. Geographical boundaries of the retail submarkets were influenced by density of existing retail product, physical or geographical obstacles, existing transportation networks, municipal boundaries, population concentrations and retailers’ per-ceptions of the MSA. Final determination of specific boundaries of each submarket was made by a subcommittee of retail real estate professionals who are actively involved in the MSA. Also highlighted were specific submarkets that are anchored by regional malls. A map which identifies the general location of each submarket is included in the centerfold of this report.

Triple Net Lease: Type of lease under which a tenant pays its pro-rata share of real estate taxes, insurance and common area maintenance.

Neighborhood Center 30,000 to 150,000 square feet; supermarket anchored

Community Center 100,000 to 350,000 square feet; discount department store, supermarket or drug store anchored

Fashion/Specialty Center 80,000 to 250,000 square feet; fashion anchored

Power Center 250,000 to 600,000 square feet; category killer, home improvement and discount department store anchored

Theme Festival Center 80,000 to 250,000 square feet; restaurants, entertainment anchored

Outlet Center 50,000 to 400,000 square feet; manufacturer’s outlet store anchored

Freestanding Individual building not considered a shopping center

Mall Shopping center with area designed for pedestrian use only

Other Any center that does not fit into a typical category

Asking Rates: The market rate per square foot of a retail property (excluding freestanding buildings and malls), exclusive of additional rents that may be paid under a triple net lease. Interpretation of average retail rates in different product types and submarkets should be viewed cautiously given the tremendous variability in rates for like products and for properties located within the same submarket. Factors such as visibility, co-tenancy, and accessibility, are some of the many sources of variation in market rates which should be considered.

Big Boxes: Contiguous retail space that is at least 23,000 square feet and located in any one of the identified product types. Retailers occupying big boxes include, but are not limited to, the following: category killers, specialty stores, discounters, furniture stores, grocery stores and theaters. Bowling alleys, automotive uses, roller rinks and ice-skating rinks were not included.

CAM: Common Area Maintenance.

Product Types: Properties were classified according to one of the following nine retail product types. The International Council of Shopping Centers defined the first six categories. Three additional categories were included to accurately categorize the remaining properties.

d e f i N i T i o N S o f T e R M S

14 2015 Hampton Roads Real Estate Market Review

2015 retail

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Overall 2014 was an active year in the retail market for Hampton Roads. We saw activity from existing grocery stores, entry into the market by new tenants, expansion and relocations of existing tenants as well as multiple new developments. On a national level, the retail market rebounded as it did here in Hampton Roads. The financing market is active and stable with lenders seeking opportunities. We are seeing capitalization rates decreasing therefore increasing overall sales price but we are not seeing a great deal of Investment Sales or opportunities in Hampton Roads. There are many investors interested in the Hampton Roads area.

Grocery Stores led the way in 2013 did so again in 2014. Kroger and Wal-Mart Neighborhood Market were very active. Wal-Mart opened in the Pembroke area of Virginia Beach with a Super Center as well as multiple Wal-Mart Neighborhood Market concepts throughout Hampton Roads. Harris Teeter opened in the Red Mill area of Virginia Beach and Wards Corner area of Norfolk. Kroger opened its 124,000 square foot Marketplace concept in Portsmouth and Northern Suffolk. Whole Foods is under construction at the Tech Center of Oyster Point in Newport News and The Fresh Market opened in the Ghent section of Norfolk. CVS and 7-Eleven both continued aggressive expansion within the market. Simon Properties has Lake Wright under contract and is working to bring an outlet mall to the Norfolk site. MarketSquare, formerly Lynnhaven Shopping Center, a mostly vacant property along Virginia Beach Blvd has been redeveloped and opened with the first Hobby Lobby in the market as well as a Wal-Mart Neighborhood Market and One Life Fitness. Virginia Beach Town Center, long a successful restaurant location, really hit its stride in 2014 with the addition of Lululemon, Anthropology, and Free People. Additional national retailers including West Elm will open this spring.

There is concern for certain retailers as they continue to struggle on a national level. Kmart and Sears are closing stores on both a local and national level. Kmart closed the Chesapeake Square and Tidewater Drive locations in 2013; Chesapeake Square remains vacant but the Tidewater Drive location was demolished and the site was leased to Sam’s Club, which will open in 2015. JCPenney closed the Military Highway location, which was purchased by the City of Norfolk, as well as a Williamsburg location that is just now hitting the market. Sears closed the Chesapeake Square location just after the start of 2015 and a variety of smaller shop national retailers filed Chapter 11 after poor holiday sales, including Radio Shack, Wet Seal, Cache, and Deb Shops. The retail landscape is constantly changing and those tenants that do not change with it will be closing their doors.

Despite the above, the Hampton Roads market is active with new tenants looking for locations and developers keeping busy with a variety of projects coming on line. We do expect the vacancy rate to increase because of the amount of big box space that will come to the market, but we also expect rental rates to increase as quality retail product is limited at this time.

YEAR IN REVIEW 2014 HAMPTON ROADS MARKET SURVEY

The Hampton Roads retail market contained approximately 53,190,105 square feet of gross leasable area (“GLA”) in 425 properties with an average asking rental rate of $16.34 with triple net charges (Common Area Maintenance, Real Estate Taxes and Insurance) running $2.85 per square foot. The US Census Bureau indicates the popula-tion of Hampton Roads is approximately 1.7 Million resulting in a 31.29 square feet of retail supply per person. Certain methodological differences (e.g., the inclusion of freestanding buildings and malls in this survey) make it difficult to compare per capita supply in the MSA to a national average statistic.

Hampton Roads consists of two markets, the Southside and Peninsula. The Southside market has approximately 35,585,486 square feet, roughly 66% of the total square footage in the market, in 289 properties. The average asking rent for small shop space increased $.36 over 2013 numbers to $16.92 triple net. The increase in rental rates can be attributed to consistent demand as vacancy rates decreased further to 6.30% in 2014. While 202,940 square feet of new construction came on line in 2014, we have significant amounts of new construction in the pipeline for 2015.

The Peninsula also experienced some mixed change this past year. The 136 properties on the Peninsula that were surveyed combined for 17,604,619 square feet of product. The average asking price of small shop space increased from 2013’s $14.61 to $15.00 per square foot with $2.97 in triple net charges for 2014. The vacancy rate for the greater Peninsula was 11.85%; however, activity and interest in the Peninsula Market is strong.

In 2014, the Hampton Roads Market did see a slight decrease in the vacancy rate as 2013’s overall 8.37% vacancy rate gave way to 2014’s 8.14%. This decrease is due to greater overall activity in the market. Landlords and tenants continue to get creative in the deal making process and retailers are repositioning themselves within the market creating new developments, as well as second generation opportunities, local tenants are not as abundant as in years past. We have seen more regional franchise tenants replacing the units once sought by the local “mom and pop”. Additionally we are seeing a trend of medical users occupying retail space rather than traditional medical office buildings. Landlords are approaching these second generation spaces with both traditional and non-traditional retailers to back fill the space. While the market was not saturated with retail product due to mass store closings we will keep a close eye on Sears / Kmart as they represent large blocks of space that may enter the market providing an opportunity for redevelopment or re-use.

We move forward acknowledging that 2015 is off to a strong start. We will see the size of the overall market continue to increase due to grocery store expansion as multiple new centers are currently under construction and will be opening this year. It should be noted some of the larger vacant spaces’ highest and best use may no longer be retail. These spaces will continue to negatively impact the overall Hampton Roads numbers until such time as they are redeveloped.

2015 retail

2015 retail


SOUTHSIDE SUBMARKETS

There were 26 retail submarkets on the Southside this year, with an average submarket size of 1,433,411 square feet. The Hilltop submarket had a strong 2014 with vacancy decreasing from 2.76% in 2013 to 1.88%, and average small shop rents increasing from $21.83 to $23.10 per square foot, which is the highest asking rent of all Southside suburban submarkets.

The range of vacancy rates in the Southside submarkets can be seen in the table below.

SOUTHSIDE BY SUBMarkET

BAY FRONT 6 298,098 24,422 8.19% $17.50 BIRDNECK/OCEANFRONT 6 225,350 - 0.00% $16.63 CAMPOSTELLA 6 332,921 85,015 25.54% $12.39 CHESAPEAKE SQUARE 12 2,294,809 83,206 3.63% $17.33 CHURCHLAND PORTSMOUTH/HARBORVIEW 16 1,747,401 97,178 5.56% $17.67 DAM NECK 9 1,650,256 36,485 2.21% $20.00 DOWNTOWN NORFOLK 7 2,488,083 55,972 2.25% $17.70 GHENT 9 395,638 22,847 5.77% $17.70 GREAT BRIDGE 17 1,361,881 75,968 5.58% $15.88 GREENBRIER/BATTLEFIELD BOULEVARD 26 4,106,164 234,376 5.71% $20.00 HILLTOP/GREAT NECK 12 1,542,910 28,948 1.88% $23.10 HOLLAND/GREEN RUN 10 875,874 83,587 9.54% $15.06 INDIAN RIVER/COLLEGE PARK 3 433,643 87,275 20.13% $12.00 KEMPSVILLE 12 1,288,913 125,796 9.76% $15.71 LITTLE CREEK ROAD/WARDS CORNER/OCEAN VIEW 17 1,743,804 199,157 11.42% $15.85 LITTLE NECK 13 1,507,069 15,995 1.06% $16.95 LYNNHAVEN 8 1,822,511 204,739 11.23% $18.20 MIDDLE PORTSMOUTH 16 1,911,116 192,258 10.06% $12.82 MILITARY HIGHWAY/JANAF 18 3,432,456 146,889 4.28% $14.00 NEWTOWN 10 522,596 71,814 13.74% $13.44 ODU 1 49,872 2,317 4.65% $21.00 PEMBROKE 22 2,695,414 194,625 7.22% $18.63 PORTSMOUTH 1 45,800 2,700 5.90% $12.00 PRINCESS ANNE ROAD 13 1,379,193 66,857 4.85% $17.88 SMITHFIELD 5 279,756 12,656 4.52% $16.60 SUFFOLK 14 1,153,958 90,266 7.82% $17.83 Total 289 35,585,486 2,241,348 6.30% $16.92

AverageSmallShop

RatePSF%VacantVacantSFGLAinSFNumberofProperties

Market Overview Table

Southside 289 35,585,486 2,241,348 6.30% 202,940 33,344,138 626,599 Peninsula 136 17,604,619 2,086,112 11.85% 27,158 15,518,507 (1,025,114)Total 425 53,190,105 4,327,460 8.14% 230,098 48,862,645 (398,515)Southside 288 35,835,277 2,416,346 6.74% 89,200 33,418,931 701,392 Peninsula 134 18,387,321 2,123,718 11.55% 21,411 16,263,603 (280,018)Total 422 54,222,598 4,540,064 8.37% 110,611 49,682,534 421,374Southside 286 34,924,153 2,206,614 6.32% 57,442 32,717,539 1,896,773 Peninsula 138 18,532,649 1,989,028 10.73% 6,576 16,543,621 775,368 Total 424 53,456,802 4,195,642 7.85% 64,018 49,261,160 2,672,141Southside 279 34,150,108 2,534,765 7.42% 103,380 31,615,343 794,577Peninsula 138 18,494,461 1,944,109 10.51% 999,389 16,550,352 782,099Total 417 52,644,569 4,478,874 8.51% 1,102,769 48,165,695 1,576,676Southside 274 34,019,555 2,523,754 7.42% 18,880 31,495,801 675,035Peninsula 138 18,548,407 2,175,793 11.73% - 16,372,614 604,361Total 412 52,567,962 4,699,547 8.94% 18,880 47,868,415 1,279,396Southside 273 33,535,280 2,714,514 8.09% 302,352 30,820,766 (288,440)Peninsula 136 18,160,963 2,392,710 13.18% 981,463 15,768,253 362,777Total 409 51,696,243 5,107,224 9.88% 1,283,815 46,589,019 74,337Southside 265 33,265,028 2,155,822 6.48% 275,252 31,109,206 238,525Peninsula 133 17,112,012 1,706,536 9.97% - 15,405,476 (109,898)Total 398 50,377,040 3,862,358 7.67% 275,252 46,514,682 128,627Southside 263 33,086,160 2,215,479 6.70% 1,038,291 30,870,681 339,596Peninsula 133 17,133,079 1,617,705 9.44% 1,009,000 15,515,374 100,485Total 396 50,219,239 3,833,184 7.63% 2,047,291 46,386,055 440,081Southside 259 32,407,761 1,876,676 5.79% 1,552,392 30,531,085 1,741,962Peninsula 131 16,895,155 1,480,266 8.76% 1,042,451 15,414,889 576,788Total 390 49,302,916 3,356,942 6.81% 2,594,843 45,945,974 2,318,750Southside 246 30,852,210 2,063,087 6.69% 593,520 28,789,123 1,280,869Peninsula 129 16,337,458 1,499,357 9.18% 618,179 14,838,101 687,097Total 375 47,189,668 3,562,444 7.55% 1,211,699 43,627,224 1,967,966Southside 243 30,184,395 2,676,141 8.87% 271,610 27,508,254 341,736Peninsula 125 15,799,778 1,648,774 10.44% 185,000 14,151,004 496,338Total 368 45,984,173 4,324,915 9.41% 456,610 41,659,258 838,074Southside 243 30,336,266 3,169,748 10.45% 419,458 27,166,518 419,138Peninsula 127 16,094,161 2,027,477 12.60% 330,000 14,066,684 412,018Total 370 46,430,427 5,197,225 11.19% 749,458 41,233,202 831,156Southside 245 30,180,691 3,433,311 11.38% 574,400 26,747,380 535,167Peninsula 126 15,546,085 1,891,419 12.17% 676,000 13,654,666 932,008Total 371 45,726,776 5,324,730 11.64% 1,250,400 40,402,046 1,467,175Southside 239 29,760,443 3,548,230 11.92% 828,800 26,212,213 1,185,818Peninsula 123 14,906,530 2,183,872 14.65% 202,750 12,722,658 242,563Total 362 44,666,973 5,732,102 12.83% 1,031,550 38,934,871 1,428,381Southside 230 29,436,515 3,760,087 12.77% 918,100 25,676,428 (158,181)Peninsula 121 14,477,970 1,997,875 13.80% 212,229 12,480,095 147,115Total 351 43,914,485 5,757,962 13.11% 1,130,329 38,156,523 (11,066)Southside 220 28,816,383 2,933,294 10.18% 2,064,727 25,883,089 1,344,209Peninsula 118 15,249,617 2,012,637 13.20% 758,370 13,236,980 292,785Total 338 44,066,000 4,945,931 11.22% 2,823,097 39,120,069 1,636,994

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NewConstructionin

SFNumberofProperties GLAinSF VacantSF %Vacant

OccupiedinSF

AbsorptioninSF

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2015 retail


COLISEUM CENTRAL 15 2,876,066 377,810 13.14% $17.27

DENBIGH 14 1,702,852 416,148 24.44% $10.84

FOXHILL/BUCKROE/EAST MERCURY 7 631,256 110,419 17.49% $12.40

GLOUCESTER 8 894,676 68,664 7.67% $14.38

HAMPTON MISCELLANEOUS 1 64,327 10,910 16.96% $10.00

NEWMARKET/MAIN (TO INCLUDE HAMPTON) 13 1,343,862 271,217 20.18% $9.50

NEWPORT NEWS 1 21,240 - 0.00% $18.00

PATRICK HENRY/OYSTER POINT/KILN CREEK 31 4,251,252 145,870 3.43% $16.13

POQUOSON 2 108,521 6,450 5.94% $15.00

WILLIAMSBURG 31 4,863,991 602,586 12.39% $19.16

YORK COUNTY 13 846,576 76,038 8.98% $14.71 Grand Total 136 17,604,619 2,086,112 11.85% $15.07

PENINSULa BY SUBMarkET Average Small Shop

Rate PSF% VacantVacant SFGLA in SFNumber of properties

PENINSULA SUBMARKETS

RETAIL PRODUCT TYPE

There were 10 retail submarkets on Peninsula ranging in size from 108,521square feet to the largest, 4,863,911 square feet with an average size of 1,671,574 square feet. The two largest Peninsula submarkets are now Patrick Henry and Williamsburg. The Patrick Henry submarket is anchored by a regional mall, and has the lowest vacancy rate on the Peninsula.

The Patrick Henry submarket continues to be one of the most highly desired submarkets in Hampton Roads having 4,251,252 square feet and a vacancy rate of just 3.43%.

While the Neighborhood Center remains the predominant product type with 173 properties with more than 12 million square feet of GLA. The Community Centers comprised the most growth due to the expansion of the crockery chains. We do anticipate new Neighborhood Centers in 2015 and expect they will contain less small shop space than traditionally developed as smaller grocery stores begin their expansion within the Hampton Roads Market.

Total retail Product By Type

NeighborhoodCenter 173 12,305,888 6,750 1,481,710 12.04% $15.16 $2.85CommunityCenter 53 9,077,956 189,537 858,252 9.45% $16.18 $2.53Fashion/SpecialtyCenter 14 2,001,530 5,735 223,718 11.18% $22.81 $3.86PowerCenter 31 10,925,745 - 857,170 7.85% $19.77 $3.44ThemeFestivalCenter 3 316,217 - 14,492 4.58% $19.00 $4.03OutletCenter 2 409,819 - 2,300 0.56% $15.00 $2.00Other 58 2,038,405 6,665 185,166 9.08% $16.92 $3.03Freestanding 81 8,470,293 21,411 358,700 4.23% $14.86 $3.39Mall 10 7,644,252 - 345,952 4.53% $20.50 NodataTotal 425 53,190,105 230,098 4,327,460 8.14% $16.34 $2.85

Average Small Shop

Rate PSFAverage

CAM PSF% VacantVacant SF

NewConstruction

in SFGLA in SFNumber of Properties

Southside By Type

NeighborhoodCenter 123 8,851,851 6,750 978,402 11.05% $15.73 $2.86CommunityCenter 35 5,812,428 183,790 381,416 6.56% $17.31 $2.58Fashion/SpecialtyCenter 9 1,014,613 5,735 34,675 3.42% $24.78 $3.86PowerCenter 20 6,353,515 - 347,715 5.47% $19.24 $3.44ThemeFestivalCenter 3 316,217 - 14,492 4.58% $19.00 $4.03OutletCenter 1 59,892 - 2,300 3.84% $15.00 $2.00Other 42 1,445,216 6,665 113,677 7.87% $17.14 $3.05Freestanding 48 4,982,109 - 35,607 0.71% $17.29 $3.39Mall 8 6,749,645 - 333,064 4.93% $20.50 NodataTotal 289 35,585,486 202,940 2,241,348 6.30% $16.96 $2.97

Average Small Shop

Rate PSFAverage


NewConstruction


Peninsula By Type

NeighborhoodCenter 50 3,454,037 - 503,308 14.57% $13.75 $2.39CommunityCenter 18 3,265,528 5,747 476,836 14.60% $14.58 $2.45Fashion/SpecialtyCenter 5 986,917 - 189,043 19.15% $18.38 $4.23PowerCenter 11 4,572,230 - 509,455 11.14% $20.68 $3.05ThemeFestivalCenter - - - - Nodata Nodata NodataOutletCenter 1 349,927 - - Nodata Nodata NodataOther 16 593,189 - 71,489 12.05% $16.38 $2.70Freestanding 33 3,488,184 21,411 323,093 9.26% $10.00 $2.50Mall 2 894,607 - 12,888 1.44% Nodata NodataTotal 136 17,604,619 27,158 2,086,112 11.85% $15.00 $2.60

Average Small Shop

Rate PSFAverage


NewConstruction


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2015 retail


BIG BOX VACANCYBig box vacancy decreased in 2014 by 212,604 square feet, but is expected to increase in 2015. Tenants rightsizing their units will bring mid box spaces to the market, as they modify their footprints to stay current to what the consumers dictate as well as mergers between like users. The boxes that we believe will bring the most product to market are Kmart, Sears, and JCPenney. Already this year, JCPenney’s closed at the Marque in Williamsburg as did Sears at Chesapeake Square. The 1,782,337 square feet of vacant space represents 41% of the total retail vacancy in the market. It is important to note some of the vacant boxes are now functionally or practically obsolete for today’s retailer. They will remain on the report as retail product until they are demolished, converted to a non-retail use or redeveloped.

1 Bayfront2 Birdneck/Oceanfront3 Campostella4 Chesapeake Square5 Churchland/Harbourview6 Dam Neck7 Downtown Norfolk8 Ghent9 Great Bridge10 Greenbrier/Battlefield Boulevard

11 Hilltop/Great Neck12 Holland/Green Run13 Indian River/College Park14 Kempsville15 Little Creek Road/ Wards Corner16 Little Neck17 Lynnhaven18 Middle Portsmouth19 Military Highway/Janaf20 Newtown

21 ODU 22 Pembroke23 Princess Anne24 Smithfield25 Suffolk

Big Box Vacancy

retail Submarkets

Big Box VacancySouthside

Southside2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 20142,207,4162,220,9351,906,3911,513,5231,142,319957,887 948,288 907,688 1,102,093880,568 855,979 821,993 929,713 862,848

Peninsula2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1,435,4891,407,0211,556,0291,141,207982,263 819,163 827,360 880,805 989,305 837,025 794,484 767,637 895,489 919,489

TOTAL2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 3,642,9053,627,9563,462,4202,654,7302,124,5821,777,0501,775,6481,788,4932,091,3981,717,5931,650,4631,589,6301,825,2021,782,337

4,000,000

3,500,000

3,000,000

2,500,000

2,000,000

1,500,000

1,000,000

500,000

0200020012002200320042005200620072008200920102011201220132014

Vaca

nt S

quar

e Fe

et

SouthsidePeninsulaTOTaL

26 Coliseum Central27 Denbigh28 Foxhill/Buckroe29 Gloucester30 Hampton Miscellaneous31 Patrick Henry32 Poquoson33 Newmarket/Main34 Williamsburg35 York County

Peninsula

2015 retail

24 25

Thefollowingisalistofthepropertiesincludedinthisyear’ssurveylistedbysubmarketwithacoderepresentingthetypeofpropertyTheGLAofthepropertyisalsolisted

aNeighborhoodCenterBCommunityCenterCFashion/SpecialtyCenterDPowerCenterEThemeFestival

FOutletCenterGOtherHFreestandingIMall

KEMPSVILLE

ArrowheadPlaza A 97,006

FairfieldSC B 239,763

KempsCornerShoppes G 25,929

KempsRiverCenter A 62,507

KempsRiverCrossing B 249,358

KempsvilleCrossing A 94,477

KempsvillePlaza A 60,778

ParkwayMarketplace A 64,677

ProvidenceSquareSC A 144,904

UniversityShoppes A 47,200

WitchduckExchange A 50,000

WoodsCorner A 152,314

LITTLE CREEK ROAD/WARDS CORNER/OCEAN VIEW

Ames/Kroger B 140,568

DollarTreeShoppingCenter A 51,415

EastBeachMarketplace B 180,223

EastBeachShoppes A 63,000

FarmFresh-LittleCreek H 66,120

GlenwoodShoppes A 53,255

LittleCreekandTidewaterShops B 119,820

LittleCreekSquare A 82,300

MeadowbrookSC G 27,260

Mid-Town A 75,768

Mid-WaySC G 31,000

OceanViewSC A 73,658

RooseveltGardensSC A 109,175

SouthernShoppingCenter B 245,868

SuperWal-Mart H 225,000

WardsCornerStrip A 61,540

WedgewoodSC A 137,834

LITTLE NECK

BirchwoodSC A 358,635

ColonyBuilding A 23,625

HomeDepot H 130,060

Kroger H 45,000

LondonBridgePlaza B 114,584

Lowes H 160,000

Lynnhaven2600 H 13,300

LynnhavenConvenience G 36,900

LynnhavenShoppingCenter B 191,136

PrincessAnnePlazaWest C 77,558

RegattaBayShops G 60,000

RenaissancePlace G 47,667

Sam’sClubPlaza D 248,604

LYNNHAVEN

LynnhavenCrossing A 55,550

LynnhavenEast B 97,303

LynnhavenMall I 1,293,100

LynnhavenNorth B 176,254

LynnshoresShoppingCenter G 12,692

LynnwayPlace G 30,213

ParkwayPlaza A 44,287

Wal-Mart H 113,112

MIDDLE PORTSMOUTH

AftonSC A 106,500

AirlineMarketplace A 50,000

AirlinePlaza A 99,549

Alexander’sCornerShoppingCenter A 50,826

ElmhurstSquare A 66,250

GilmertonSquare A 28,080

ManorCommerceCenter G 67,060

ManorShops G 14,573

OldTowneMarketplace A 42,000

RodmanSC A 45,000


TriangleSC A 84,437

VictoryCrossing D 500,000

VictoryWestShoppingCenter A 167,102

WilliamsCourt B 214,739

MILITARY HIGHWAY/JANAF

3455AzaleaGardenRoad A 1,024

BestSquare B 140,030

BroadCreekCrossingPhase1andPhase2 D 100,000

BroadCreekSC D 205,417

BromleySC A 67,790

CostCo H 110,000

Dump/MegaOffice G 115,854

FarmFresh H 60,000

FoodLion#170 H 41,000

GrandOutlet H 35,000

Janaf D 873,225

Lowes H 115,000

MilitaryCrossing D 192,000

MilitaryTriangle G 10,061

NorthamptonBusinessCenter G 85,000

SuperKmart&Shoppes B 200,000


TheGallery@MilitaryCircle I 856,542

NEWTOWN

CypressPoint A 117,958

DiamondSpringsNorth(ShoppingCenter)A 23,880

DiamondSpringsShoppes H 18,840

MattressDiscountersPlaza F 59,892

NewpointeSC A 92,978

NewtownBakerCrossing A 91,687

NewtownCenter H 19,800

NewtownConvenienceCenter G 19,800

ThomasCornerSC G 23,557

WesleyanCommonsShoppingCenter A 54,204

ODU

FirstFloorRetailShopsat

UniversityVillageApartments G 49,872

PEMBROKE AragonaSC A 69,688

BestBuy H 45,000

CollinsSquare A 123,870

ColumbusVillageEast A 63,000

ColumbusVillageEntertainmentCenter E 100,000

DeanPlaza(FormerHQ) D 140,000

FormerBloomBrothers H 165,000

Goodwill H 34,000

Haverty’s H 55,000

HaygoodSC B 165,000

Haynes H 228,000

Hunter’sMillShoppes G 22,827

SOUTHSIDE

BAY FRONT CapeHenryPlaza A 58,424

Chic’sBeachShoppingCenter A 79,397

Kroger H 47,000

KrogerShops A 13,540

LakeShoresPlazaShoppingCenter A 58,230

MarinaShores G 41,507

BIRDNECK/OCEANFRONT

BirdneckSC A 65,460

BirdneckShoppes B 24,000

FarmFresh H 29,296

HarrisTeeter H 48,000

LinkhornShops G 48,899

PacificPlaza H 9,695

CAMPOSTELLA

AtlanticCommons A 63,393

BainbridgeMarketplace A 46,444

CampostellaCorner A 43,375

GeorgeWashingtonCommons A 44,942

HollyPointSC A 65,338

SouthgatePlaza A 69,429

CHESAPEAKE SQUARE

BJ’s H 115,660

CastleShops H 37,464

ChesapeakeCenter B 270,602

ChesapeakeSquareMall I 800,000

ChesapeakeSquareShops H 13,559

CrossroadsCenteratChesapeakeSq. D 332,464

[email protected]. H 45,000

HomeDepot H 130,060

Lowes H 115,000

ShopsatChesapeakeSquare H 25,000

TaylorRoadPlaza A 60,000

Wal-MartSupercenter/Sam’sClub H 350,000

CHURCHLAND PORTSMOUTH/HARBORVIEW

ChurchlandPlaceShoppes G 21,000

ChurchlandSC A 149,741

ChurchlandSquare A 72,189

CollegePkwyCrossingatHarbourView A 86,130

Grand H 30,000

HarborViewShoppes A 17,000

HarbourViewEast D 172,000

HarbourViewMarketplace H 96,624

HarbourviewStationEast D 217,308

HarbourviewStationWest D 83,007

MarketplaceSquare A 12,461

PlanetFitnessPlaza A 52,966

PoplarHillPlaza B 102,326

SterlingCreek A 75,660

TownPointSquare A 58,989

VictoryCrossing H 500,000

DAM NECK

2236GeneralBoothBlvd.A 11,500

DamNeckCrossing B 138,571

DamNeckSquare A 67,917

GeneralBoothPlaza A 71,639

HomeDepot H 130,000

RedMillCommons D 750,000

RedMillWalk B 240,000

SandbridgeSC A 66,800

StrawbridgeMarketplace A 173,829

DOWNTOWN NORFOLK

BerkleyCenter A 47,945

ChurchStreetCrossing A 51,000

MacArthurCenterMall I 2,200,000

UniversityShops G 8,800

WatersideFestivalMarketplaceI 130,338

WellsFargoRetail G 50,000

GHENT

201TwentyOne A 14,800

21stStreetPavilion G 21,000

CenterShops A 139,081

ColleyVillage A 44,585

GhentPlace G 13,000


PalaceShopsI,II C 78,669

PalaceStation C 37,503

TheCornerShops G 20,000

GREAT BRIDGE

CahoonCommons D 278,023

CedarLakesCenter A 35,659

CentervilleCrossing A 46,000

CrossingsatDeepCreek A 68,970

DominionMarketplace A 73,103

DominionPlazaSC A 63,733

GlenwoodSquare A 73,859

GreatBridgeSC A 156,937

HanburyVillage A 100,560

HarborWatchShoppes G 21,505

LasGaviotasA 90,500

MillwoodPlaza G 16,969

Mt.PleasantShoppingCenterA 100,000

Mt.PleasantVillage A 34,180

WilsonVillage A 52,500

WoodfordShoppes G 9,760

WoodfordSquare B 139,623

GREENBRIER/BATTLEFIELD BOULEVARD

BattlefieldMarketplace G 30,000

ChesapeakeCrossing D 280,000

CountryClubShoppes H 17,700

CountryClubSquare A 12,600

CrosswaysCenterI

&EdenWayShops D 373,771

EdinburghCommons D 184,232

EdinburghEast A 210,000

GainsboroughSquare A 88,862

GreenbrierMall I 899,665

GreenbrierMarketCenter D 487,580

GreenbrierShops A 37,500

GreenbrierSouthSC A 97,500

HomeDepot H 130,060

Kmart/OfficeMax H 165,000

Knell’sRidgeSquare G 40,000

Lowes H 114,000

OrchardSquare A 88,728

Parkview@Greenbrier A 83,711

PlantationWoods A 16,800

RegalCinemas H 60,763

TheShoppesatGreenbrierG 40,000

Thn G 80,160

TownePlaceatGreenbrierE 76,837

VillageSquare G 15,000

VolvoParkwaySC G 41,874

Wal-Mart/Sam’sClub/Kohl’sD 433,821

HILLTOP/GREAT NECK

GreatNeckSquare A 94,587

GreatNeckVillage A 73,736

HilltopEast C 144,100

HilltopNorth C 202,346

HilltopPlaza B 152,025

HilltopSquare B 270,093

HilltopWest C 45,834

LaPromenade C 63,280

MarketplaceatHilltop B 114,360

MillDamCrossing C 24,000

RegencyHilltop B 236,549

Target H 122,000

HOLLAND/GREEN RUN

AuburnPlace A 42,709

BucknerPlaza A 62,655

ChimneyHill B 207,175

GreenRunSquare A 75,000

HollandPlazaSC A 155,000

HollandWindsorCrossing A 54,150

Lowes H 125,323

LynnhavenGreen A 50,838

RosemontCenter A 12,700

TimberlakeSC A 90,324

INDIAN RIVER/COLLEGE PARK

CollegeParkI&II B 183,874

IndianRiverPlaza B 126,017

IndianRiverSC B 123,752

Loehmann’sPlaza E 139,380

NorthernSuperCenter G 36,588

PembrokeEast B 24,806

PembrokeMall I 570,000

PembrokeMeadowsSC A 81,592

PembrokePlace B 165,000

PembrokePlaza A 34,900

Roomstore H 50,000

TheTownCenter

ofVirginiaBeach C 341,323

TownCenterStation G 40,440

PORTSMOUTH

AcademyCrossing A 45,800

PRINCESS ANNE ROAD

BrennemanFarmSC A 135,823

BucknerRetailShops G 12,814

CourthouseMarketplace A 103,263

KempsvilleMarketplace A 71,460

LandstownCommons D 409,747

LynnhavenSquareSC A 22,933

ParkwaySC A 64,820

PrincessAnneMarketplaceB 222,423

PrincessOneSC G 84,725

SalemCrossing D 92,316

SalemLakesMarketplace A 42,087

Target A 88,107

WoodtideSC A 28,675

SMITHFIELD

CypressRunSC G 25,000

EagleHarbor A 77,049

ShoppesatEagleHarbor A 23,343

SmithfieldPlaza B 89,120

SmithfieldSquare A 65,244

SUFFOLK

BennettsCreekCrossing A 119,812

BennettsCreekFoodLion A 64,544

CenterbrookeVillage A 12,600

CreeksideVillage G 18,835

HollandPlazaA 69,345

KensingtonSquare A 66,421

Lowes H 150,000

OakRidgePlaza A 38,700

SuffolkPlaza B 176,733

SuffolkPlazaWest A 60,000

SuffolkShoppingCenter B 155,733

SuffolkSpecialtyShops G 15,200

SuffolkVillageSC G 11,875

Wal-MartSuperCenter H 194,160

26

PENINSULA

COLISEUM CENTRAL ColiseumCorner A 49,267

ColiseumCrossing B 221,004

ColiseumMarketplace A 105,998

ColiseumSpecialtyShops G 15,026

ColiseumSquare G 43,307

HamptonTowneCentre D 376,100

HamptonWoods A 89,092

HomeDepot H 130,060

PeninsulaTowncenter C 361,683

RiverdalePlaza D 260,316

SportsAuthority H 40,000

Target H 122,000

ThePowerPlant D 621,150

ToddCenter&ToddLaneShops B 247,747


DENBIGH

BeaconsdaleSC A 28,000

DenbighSpecialityShops G 24,504

DenbighVillageCentre B 327,322

DenbighVillageShoppingCenter H 327,322

FergusonCenter G 118,000

FormerHillsDenbigh H 86,589

JeffersonCrossing

(formerlyDenbighCrossing) A 145,000

Kmart H 115,854

LeeHallPlaza A 36,000

NewportCrossing B 200,000

StoneybrookShoppingCenter A 74,340

TurnberryCrossing A 53,775

VillageSquare A 40,000

WarwickDenbighSC B 126,146

FOXHILL/BUCKROE/EAST MERCURY BuckroeSC A 76,000

FarmFreshPhoebus H 60,411

Kmart H 94,500

LangleySquare A 120,646

Marketplace@Nickerson A 75,850

NickersonPlaza A 83,849

WillowOaksVillageSquareS.C. A 120,000

GLOUCESTER

FoodLion H 40,000

HayesPlazaSC A 52,651

HayesSC A 100,000

HomeDepot H 100,000

Lowe’s H 125,000

ShoppesatGloucester B 82,025


YorkRiverCrossing B 175,000

HAMPTON MISCELLANEOUS

KecoughtanSC A 64,327

NEWMARKET/MAIN(TOINCLUDEHAMPTON)

4113WMercuryBlvd. H 49,770

4205W.MercuryBlvd. H 28,080

BrentwoodSC A 53,200

DresdenSC G 35,000

ForestParkSquare B 150,000

FransiscoVillage A 55,865

HamptonPlaza B 173,199

HiltonSC A 74,000

MidwayShoppingCenter C 60,000

NewmarketSouth D 368,085

Plaza@Newmarket B 117,377

WarwickCenter A 103,886

WarwickVillage A 75,400

NEWPORT NEWS

JeffersonShoppes G 21,240

PATRICK HENRY/OYSTER POINT/KILN CREEK BayberryVillage A 72,883

BestBuyBuilding H 135,000

CityCenter C 230,000

CommonweatlhCenter G 30,279

FairwayPlaza A 34,700

GlendaleSC G 30,000

GrandFurniture H 35,000


Haverty’s H 45,000

Haynes H 85,000

JeffersonCommons D 400,000

JeffersonGreene G 57,430

Kroger H 55,000

Lowes H 120,000

MarketPlace@OysterPoint A 69,660

NewportMarketplace D 450,000

NewportSquare B 184,126

OfficeDepot H 30,122

OysterPointPlaza A 73,197

OysterPointSquare A 83,089

PatrickHenryMall I 714,607

PatrickHenryPlace A 17,000

RichneckShoppingCenterA 63,425

Sam’sClub H 133,880

SherwoodShoppingCenterA 100,000

TheShoppesatOysterPointG 30,000

VictoryCenter@KilnCreek A 69,000

VillageSquare@KilnCreekB 267,021

VillagesofKilnCreek G 45,300


YoderPlazaSC D 337,053

POQUOSON

PoquosonSC A 57,458

WytheCreekPlazaSC A 51,063

WILLIAMSBURG

ColonySquare A 66,806

Governor’sGreenSC A 100,000

HomeDepot H 130,000

JamesYorkPlaza B 137,708

KingsgateGreen B 138,348

Lowes H 163,000

MarketplaceShoppes A 32,000

MarketplaceShoppingCenterA 36,000

MonticelloMarketplace D 315,300

MonticelloSC A 82,000

NewTownShopsonMain C 253,000

NorgeCrossing H 52,000

OldeTowneSC G 30,000

PrimeOutlets F 349,927

QuarterpathCrossing A 85,600

SettlersMarketatNewTownD 234,489

Staples H 37,400

TheMarquis(PhaseI) D 1,000,000

TheShopsatCedarValleyG 26,003

TheShopsatHighStreet B 114,449

VillageShopsatKingsmill C 82,234


WilliamsburgCrossing A 150,000

WilliamsburgFarmFresh A 79,188

WilliamsburgMarketcenterB 176,000

WilliamsburgOutletMall I 180,000

WilliamsburgPavillionShopsG 50,000

WilliamsburgSCI&II B 251,000

WilliamsburgTowneandCnty A 49,802

WindsorMeadeMarketplaceD 209,737

YankeeCandle H 42,000

YORK COUNTY

GraftonSC A 32,000

HeritageSquare A 73,865

KilnCreekCenter A 45,700

Lakeside17 H 8,400

Marketplace@Yorktown A 73,050

PatriotsSquare A 47,231

PavilionatKilnCreek A 26,820

ShadyBanksSC A 56,634

ShoppesatWytheCreek G 13,200


WashingtonSquare

ShoppingCenter B 177,056

YorkSquare A 48,720

YorkshireDowns G 23,900

2015 real estate market review - retail - odu.edu

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