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Overview
Colliers, as exclusive broker, is pleased to present the opportunity to acquire Harbour View East (the “Property”), a 97% leased regional community shopping center located in the expanding Hampton Roads MSA. The Property contains 172,829 SF of GLA, along the dominant retail thoroughfare of College Dr in Suffolk, VA. Sitting at the convergence of Norfolk, Chesapeake, Portsmouth, Suffolk, the Isle of Wight, and the foot of the Monitor Merrimac Bridge-Tunnel connecting the Peninsula to the Southside markets, the Property is truly the crossroads of the MSA.
The Property contains six buildings consisting of one main building housing anchors Dick’s Sporting Goods, TJ Maxx, Homegoods, and a newly committed Burlington, three multi-tenant outparcel buildings, a freestanding Petsmart as well as Wendy’s outparcel. In addition, the greater ±470,090 SF shopping center development has two shadow anchor tenants, Walmart Supercenter (the region’s #2 grocery market share leader) and Kohl’s.
Harbour View East is offered at a discount to replacement cost and presents a unique opportunity to acquire Suffolk’s #1 most trafficked shopping center at a desirable basis, in a highly supply constrained market.
Property Video:
Investment Highlights
REGIONALLY DOMINANT SHOPPING CENTER
- over 92% of the tenant roster comprised of dominant national retailers
- With over 4.7M visits in the trailing 12 months, the Property boasts the highest foot traffic of any shopping center in Suffolk (source: Creditntell) and ranks in the top 7% of all retail centers in the Nation, Virginia, and the MSA (source: Placer AI)
- Shadow anchored by Walmart Supercenter, the region's #2 grocery market share leader, and top performing Kohl's + Sephora
TREMENDOUS OPPORTUNITY TO GROW NOI
- 5,695 SF of available across two small shop spaces for immediate revenue growth of $190k+
- 8 tenant have no further lease options
- 16 shop tenant hit terminal expiration over the next 10 years
- Wendy's outparcel with excellent sales performance and severely under-market rent provides opportunity to recast existing lease or explore a new tenant needing an off-interstate drive-thru parcel
HIGH PERFORMING WALMART SHADOW
- Walmart at Harbour View East is ranked in the top 40% for foot traffic, and is the #2 grocery market share leader in the MSA
FAVORABLE MARKET FUNDAMENTALS
- 20.7% rent growth (2019 - 2023)
- 4.7% average vacancy rate
- Average annual net absorption of over 437k SF (2019 - 2023)
- Supply constrained market averaging only 256k SF of new construction since the COVID-19 pandemic
DURABLE CASH FLOW
- Over 83% of revenue from national tenants
- No more than 17% of revenue from any one tenant
- Property WALT of 4.7 years & Anchor WALT of 5.7 years
FORTRESS LOCATION
- Submarket land constraints, tight submarket vacancies, and local development restrictions
- Less than 1/4 mile from I-664 interchange (85k VPD) and less than 1-miile from SR-164 (60k VPD)
- Major employers in the immediate vicinity including military bases, the Port of Virginia, two hospitals, schools, and large government contractors and financial services companies
PARCELIZATION & SELL-DOWN OPPORTUNITY
- Property divided into 3 seperate parcels, with further parcelization acheivable
INSTITUTIONALLY OWNED & MANAGED
- New TPO roof systems
- Parking lot mill and repave program
- LED lighting
- New monument signage
- Landscaping upgrades
Photo Gallery
