Overview
Colliers, as exclusive broker, is pleased to present the opportunity to acquire Harbour View East (the “Property”), a premier regional community shopping center totaling 172,829 square feet in the rapidly expanding Hampton Roads MSA. Strategically positioned along College Drive, Suffolk’s dominant retail corridor, the Property sits at the nexus of Norfolk, Chesapeake, Portsmouth, Suffolk, and Isle of Wight, with immediate connectivity to both the Peninsula and Southside via the Monitor-Merrimac Memorial Bridge-Tunnel - making it one of the region’s most accessible retail destinations.
Offered at an attractive basis, Harbour View East presents a rare opportunity to acquire Suffolk’s most heavily trafficked shopping center in a highly supply-constrained submarket. Supported by strong tenancy, durable traffic drivers, and meaningful barriers to entry, the Property offers investors a compelling combination of in-place cash flow, long-term stability, and embedded upside.
Investment Highlights
Regionally Dominant Shopping Center
- 5.4M Annual Visits - Top 4% of All Retail in US
- #1 Trafficked Center in Suffolk
- Direct Interstate Connectivity
Fortress Location in 3rd Fastest Growing City in VA
- Surrounded by Military and Major Employment Hubs
- Almost 5,000 Housing Units Planned or Recently Delivered in the Sub-Market
Long Tenured Tenant Roster - 11.5 Years Avg Tenure
- Sticky Existing Tenants with 47 Total Renewals
- Recent Renewals by Dick's, TJ Maxx, PetSmart, Wendy's, Verizon and others
- 5.3 Years WALT
Strong Credit Income Stream with Growth
- Over 84% of Revenue From National Credit Tenants
- 3.7% 5-Year CAGR
Upside in Vacant Leasing & Mark-To-Market
- One 3,745 SF Suite Available for Lease
- Sixteen of Seventeen Tenants Hit Terminal Lease Expirations Over Next 10 Years Providing Mark-To-Market Opportunities
- Average Lease Rate of $22/SF
Disposition Optionality
- Three Seperate Parcels with Opportuntiy for Further Parcelization
Institutionally Owned & Managed
- All Roof Systems Under Warranty
- Programatic Asphalt Parking Lot Mill & Repave
- LED Lighting Upgrades
- Annual Green Initiatives to Reduce OpEx
Market Dominant Anchors
- Dominant Rent Roll Composed of Best-In-Class Retailers
- Shadow Anchored by Walmart - a Top Grocer in MSA by Market Share
- Shadow Anchored by Kohl's - a Top 25% Traffic Generating Location Across the Brand
Photo Gallery
