Overview
Colliers is pleased to exclusively offer for sale, Woods Corner (the “Property”), a 93.7% leased, 166,014 SF Food Lion anchored shopping center located in one of the most densely populated submarkets of Virginia Beach, VA - Kempsville. The Property is strategically positioned at the intersection of Kempsville Road (33,832 VPD) and Centerville Turnpike
(17,343 VPD), and benefits from excellent fundamentals; including dense housing, major employers, destination retailers, and large entertainment and sports venues.
The essential nature of the grocery and discount tenant mix, actionable value creation, and the strategic location along the dense submarket’s major thoroughfare make Woods Corner an exciting investment opportunity.
PROPERTY VIDEO:
Investment Highlights
Well-Performing Credit Grocery Anchor with Recent Long-Term Renewal
- New 10-year early extension from Food Lion
- 21% increase in store sales since 2021 with current 2.4% health ratio
#1 Grocery Market Share Leader in MSA
- Food Lion is the dominant grocer with 41% market share
Robust Leasing Momentum
- Seven new leases signed in past two years cover over 27,600 SF
Significant Value-Add Opportunities: Lease-Up & Market-to-Market
- Five vacancies (including one outparcel)
- Fourteen tenants with over 51,000 SF of space hits terminal lease expirations over the next five years providing incredible mark-to-market opportunities
Potential to Unlock Additional Outparcel & Sell Down Strategy
- Wells Fargo ATM currently occupies a key outparcel with an opportunity to relocate and provide accretive revenues
- New Sentara medical building seperately parceled
- Vacant outparcel with drive thru & building improvements presents opportunity to lease or sell
Minimum Capital Investment Required with Recent Large Property Level Expenditures
- Newer roof systems with warranty in place
- Parking lot seal coat and stripe
- LED lighting upgrades
- Updated facade with modern palette
Prime Retail Location
- Located in the densest submarket in Virgina Beach - Kempsville
- Nearly 100k Population in 3-Mile Radius
Photo Gallery
