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 refinancing and in the lead-up to the sale.
Jeff Fritz and Jay O’Donnell of Colliers represented the sellers in the transaction, while George Fox, also with Colliers, handled leasing for the property. The privately based buyer was not disclosed.
Built in 2001, Lynnhaven Square is a two-building, unanchored center that was fully leased to tenants including Coastal Vision, Cold Stone Creamery, Subway, Wingstop and The UPS Store at the time of sale.