Hampton, VA - Shops at Peninsula Town Center

1620 merchant ln, Hampton, VA

$18,540,000

Price

7.71%

Cap Rate

$1,429,111

NOI

Overview
Cap Rate
7.71%
NOI
$1,429,111
Building Size
69,017 sqft
Occupancy
81%
Year Built
2009
Description

SRS Investment Properties Group is pleased to present the rare opportunity to acquire the fee simple interest in Shops at Peninsula Town Center, a high-quality retail center located in Hampton, VA. The offering is a portion of the larger Peninsula Town Center and consists of three separate buildings (81% occupied). The varied tenant mix includes Sushi King, Journey’s, Finish Line, Massage Envy Spa, Hair Cuttery, The Twisted Crab, Monsoon, Claire’s, and more. The Property Owner Association (POA) is responsible for the maintenance of all common areas and Peninsula Town center, limiting landlord responsibilities. With the POA in place, the offering is a near zero-maintenance property - attractive for a passive investor.

Peninsula Town Center (PTC) is a mixed-use shopping center serving the Hampton Roads (Virginia Beach-Norfolk-Newport News) market. PTC underwent a complete redevelopment in 2008, and is currently in the midst of expansion, including a new three-story hotel, a newly constructed Floor & Décor (75,000 SF opened in Sept-2018), SkyZone (25,000 SF, opening 2019), and a new 162-unit luxury apartment complex located adjacent to the offering. PTC is anchored by a combination of successful traditional and experiential retailers including Target, J.C. Penney, H&M, Forever 21, PetSmart, and Studio Movie Grill. The center is uniquely designed with a “town center” street-level layout complete with a dog-friendly policy, two parks, and walkable shops. This layout, diverse tenant mix, and the immediately surrounding apartments and hotels encourage prolonged consumer stays at the center.

The site is well-located at the intersection of Interstate 64 and Mercury Boulevard, the primary east/west thoroughfare through the Hampton Roads market. It is located within close proximity to the Langley Air Base and NASA Langley Research Center, which employs over 16,000 professionals and are central locations within the defense-driven Hampton economy. In addition, the site is well-located within close proximity to the Hampton Coliseum, Hampton Roads Convention Center, and Boo Williams Sportplex youth sports complex, with a combined 1,000,000+ annual visitors. The Shops at Peninsula Town Center draws from a broad 5-mile trade area featuring a population over 200,000 residents, more than 124,000 employees and an average household income exceeding $67,000. Peninsula Town Center sits in the heart of the trade area and has seen over 6.6 million visits in the last 12 months, demonstrating a high volume of traffic to the center.


Location
Gallery