Chesapeake, Va. — Chapel Hill, North Carolina-based Prudent Growth Partners has acquired Castle Shops, a 37,309-square-foot retail strip center located in Chesapeake, for $5.4 million. Dollar Tree anchors the two-building property, which was fully leased at the time of sale. Additional tenants include CHKD Thrift Store, Boost Mobile and Liberty Tax. Jeff Fritz and Jay O’Donnell of Colliers represented the seller in the transaction. George Fox, also of Colliers, served as the leasing agent.
Chesapeake, Va. — Atlantic Capital Partners has arranged the $12.1 million sale of Woodford Square, an 85,323-square-foot shopping center located in the Hampton Roads city of Chesapeake. Harbor Freights anchors the center, which was fully leased at the time of sale to tenants including Dollar General, Hair Cuttery, Roses Discount Store, Dragon China Restaurant and Med Emporium. Fred Victor of Atlantic Capital represented the seller, New York-based Moxie Equities, in the transaction. The buyer was United Properties.
Covington, Va. — Marcus & Millichap has negotiated the $4.4 million sale of a 32,023-square-foot retail center located at 317–339 Thacker Ave. in the Western Virginia city of Covington. The center is shadow anchored by Walmart Supercenter, which has operated at the adjacent site since 2007. Built in 1998 on roughly 4.4 acres, the retail property was 92 percent leased at the time of sale to tenants including Dollar Tree, Cato, Shoe Show and T-Mobile, as well as several restaurants and service-oriented businesses. Zach Taylor and Eric Abbott of Marcus & …
Falls Church, Va. — Hoffman & Associates, alongside a group of development partners that includes Rockwood Capital and Grosvenor Americas, has completed West Falls, a 10-acre mixed-use development in Falls Church. The transit-oriented project sits about 10 miles west of Washington, D.C., and is located near the West Falls Church Metro station. Hoffman & Associates, a local developer that is perhaps best known for leading the development of the $3.6 billion Wharf mixed-use waterfront destination in D.C., partnered with the City of Falls Church and Torti Gallas + Partners, to bring the project …
Katy, Texas — Katy, Texas-based Academy Sports + Outdoors has opened 11 new stores in the third quarter of this year, with plans to debut a total of up to 25 new locations in 2025. The sporting goods and outdoor recreation retailer has already launched three new locations in Boardman, Ohio; Beaufort, South Carolina; and Virginia Beach, Virginia; and will open eight more stores in fall 2025 in Rome, Georgia; Cullman, Alabama; Mishawaka, Indiana; Lakeland, Florida; Columbia, Tennessee; Albany, Georgia; Palestine, Texas; and Batesville, Mississippi. The 11 new store openings this …
Alpharetta, Ga. — Alpharetta, Georgia-based food retailer The Honey Baked Ham Co. has signed a franchise agreement with The Davis Restaurant Group to open eight new stores. The first store openings are planned for September 2026 in Bel Air, Maryland; Chesapeake, Virginia; and Des Moines, Iowa. In September 2027, additional HoneyBaked locations are projected for Chesapeake and Des Moines, as well as Mint Hill, North Carolina. Lastly, the expansion will continue into 2028, with more stores anticipated for Chesapeake and Waxhaw, North Carolina. Matt Davis of The Davis Restaurant Group, …
Virginia Beach, Va. — National Asset Services (NAS) and Colliers have negotiated the $8.6 million sale of the 22,933-square-foot Lynnhaven Square in Virginia Beach on behalf of the shopping center’s ownership group. The center was last acquired in 2005 by a group of eight tenant-in-common (TIC) investors. NAS has served as the asset management company for the group since 2008. Shirlee Kingsley of NAS secured a refinancing solution in 2015 that preserved the original TIC ownership structure and its tax advantages. Lynnhaven Square has maintained full occupancy both during the 2015 …
Richmond, Va. — Richmond, Virginia-based Lucky Strike Entertainment, operator of bowling alleys and entertainment venues, has purchased 58 of its existing locations for $306 million. The deal aims to reduce annual rent obligations, while eliminating the risk of future lease inflation, say company representatives. Lucky Strike will continue to operate each of the locations after the deal closes. The transaction was financed through a $230 million bridge facility under Lucky Strike’s revolving credit line, as well as cash on hand. Spanning 16 states, the 58-property portfolio includes locations in California, …
Springfield, Va. — PREIT has received $150 million in financing to recapitalize Springfield Town Center, a mixed-use redevelopment of the former Springfield Mall in Northern Virginia, roughly 14 miles outside Washington, D.C. The regional shopping center features 1.4 million square feet of retail space, including a 32,000-square-foot LEGO Discovery Center that opened in 2023. Other tenants include Build-A-Bear, Burger King, Chuy’s, Dave & Buster’s, Dick’s Sporting Goods, Finish Line, Five Below, H&M, Hot Topic, JC Penney, LA Fitness, Macy’s, Maggiano’s, Nordstrom Rack, Regal Cinema, Sephora, Toys “R” Us and Target. Goldman …
Dulles, Va. — Dallas-based PINSTACK, a dining and entertainment destination, will open a 56,000-square-foot venue within the 424-acre mixed used development of Kincora in Dulles, roughly 32 miles west of Washington, D.C. The venue will feature a full-service restaurant and bar, bowling lanes, an arcade, rock wall, high-ropes course, interactive games and simulator technology, bumper cars and private event spaces. PINSTACK is scheduled to open in 2026.
