Lingerfelt CommonWealth Realty Partners has acquired the Towne Place at Greenbrier retail center in the Greenbrier submarket of Hampton Roads, VA. The 95 percent leased asset traded for $15.5 million, or just over $202 per sqf. Built in 2007, the 76,827 sqf center has tenants such as Taste Unlimited, Jason’s Deli, Chico’s, Sola Salon, Jos. A. Bank, Moe’s Southwest Grill, and Surf Rider Restaurant. Lingerfelt Commonwealth will operate the asset via its operating platform, Commonwealth Commercial Partners, the company’s property management affiliate.
“The Greenbrier retail submarket currently enjoys a vacancy rate of only 2 percent,” said Ken Strickler of Lingerfelt CommonWealth Partners. “Towne Place at Greenbrier has a wonderful mixture of quality regional and national retailers which serve the heavy concentration of apartments, single-family housing, hotels, and office buildings within walkable proximity to the center.”
