Overview
Colliers is pleased to exclusively offer for sale, Poquoson Shopping Center (the “Property”), a Planet Fitness anchored 57,458 sf stabilized neighborhood retail asset positioned in the heart of the desirable Poquoson trade area. The center benefits from its highly visible location at main and main along Wythe Creek Road at Victory Blvd, the primary commercial corridor connecting Poquoson to the greater Hampton Roads region.
The new long-term lease with Planet Fitness, a nationally recognized credit tenant and strong operator, brings a steady traffic driver and strengthens the long-term profile of the asset. The lease further reflects a meaningful commitment to the location by Planet Fitness and underscores the center’s strong local demographics and sustained retail demand. Complemented by a diverse tenant mix of service-oriented and daily-needs retailers, the Property serves as a community hub for nearby residents, drawing consistent traffic throughout the day. The center’s functional layout, accessible parking field, and stable occupancy further enhance its competitive positioning within the market.
The offering provides a compelling opportunity to acquire a stabilized retail asset with immediate in-place yield, backed by a durable income stream from a national credit anchor. With limited retail competition in the immediate trade area and strong household incomes, the center is well positioned for long-term value preservation and rent growth.
Investment Highlights
Credit Fitness and Discount Anchors with Brand New Long-Term Lease
- Planet Fitness Recently executed a 10-year lease and plans to open early 2026
- National fitness operator, Excel Fitness, provides investment grade credit, with over 160 locations in nine states
- Dollar Tree provides a credit junior anchor with 15 years of operating history at the center
Stabilized and Tenured Rent Roll with Tangible Rent Growth
- Average operating Tenant Tenure of over 12 years
- Weighted Average Lease Term (WALT) of nearly 7 years
- Genuine mark-to-market-to-market potential with 100% of Tenants under market and the majority having no remaining renewal options
- New anchor will drive traffic and foster additional rent growth throughout the center
Prime Retail Location
- Located in the market’s dominant retail corridor of Wythe Creek Rd, at the primary, signalized intersection of Wythe Creek and Victory Boulevard with a combined 27,000 VPD
- Neighboring retailers include Food Lion, Taylor’s Do it Center, Starbucks, O’Reilly and McDonald’s
- Close proximity to major drivers NASA Langley Research Center / Langley Air Force Base and Langley Speedway
- Located in the highest income market within Hampton Roads with average incomes of over $130,000 demonstrating strong consumer spending power
Premier Location in the Region’s Wealthiest City
- Positioned within the most affluent community in the MSA, the Property benefits from exceptional household incomes, strong consumer spending, and stable long-term demand
- Median Household Income for Poquoson is over $131,000/year - 60% above the greater MSA
- The Property also serves the second wealthiest city of York
Strong Rental Income Growth
- Over $68,000 in mark-to-market revenue growth from tenants with terminal lease expirations in the next 5 years
- An additional $90,000 in rent growth from tenants with expirations
- 5-Year CAGR of 3.8%
Photo Gallery
