Overview
Colliers is pleased to exclusively offer for sale, Castle Shops (the “Property”), a 100% leased two-building collection of retail strip centers totaling 37,309 SF. Located in one of the most dense submarkets of Chesapeake (5-mile population over 282k) and along one the submarket’s primary thoroughfares of Military Highway (30,000 VPD), the Property enjoys excellent visibility, signalized access, and traffic driving tenancy with one of the top-performing Dollar Tree’s in Virginia (93rd percentile). Furthermore, the asset is centrally located in a submarket with excellent fundamentals, including dense housing, major employers, and destination retailers.
Investment Highlights
Discounter & Convenience-Based Tenancy with Excellent History of Performance
- 17+ Year Average Tenant Tenure
- 5 year WALT
- 3% 5 year CAGR
Value-Add Mark-to-Market Opportunities
- Five of seven tenants have no further renewal options
Favorable Long-Term Market Fundamentals
- Strong demand and limited supply of retail space in the region have sustained landlord pricing power over the past year. As of Q2 2025, annual rent growth stands at 5.5%, significantly outpacing the national average of 1.7%. With few speculative retail developments in the pipeline and continued strong demand, above-average rent growth is expected to persist.
- Locted in a submarket that enjoys an avergage vacancy rate below 5%
Surrounded by Major Employment Centers & Economic Drivers
- Less than 1-mile to #1 mixed-use business district in Hampton Roads (Greenbrier). Home to Dollar Tree corporate headquarters and over 19M SF of commercial space
- Less than 5-miles to Virginia Beach Town Center - a premiere mixed-use project consisting of 1.5M SF of commercial space and dense housing
Recent CapEx
- New TPO roof systems with warranties intact through 2042
- Parking mill and repaved 2020
Photo Gallery
