VIRGINIA BEACH, VA-Inland Real Estate Acquisitions has purchased the Landstown Commons Shopping Center here for approximately $91 million. The 409,747-square-foot shopping center was acquired on behalf of Inland Diversified Real Estate Trust, facilitated by its president Mark Cozenza. It is 94% leased to 63 tenants, including Best Buy, Ross Dress for Less and PetSmart.
The recently-constructed shopping center is located within the Hampton Roads greater area, Cosenza notes, and also is within a half mile from the newly-constructed, 72-acre Sentara Medical Complex and the Virginia Beach Amphitheater. "Given the Hampton Roads’ population density and the center’s strong mix of retail and residential tenants, we believe Landstown has the sustainability to thrive," Cosenza tells GlobeSt.com.
The shopping center includes a 32,890-square-foot second-floor office component that is 90% leased to two medical users. It is also shadow-anchored by Kohl’s department store, which was not part of the purchase. Other retail tenants at the mall include Bed, Bath & Beyond, AC Moore, Office Max, Books-A-Million and Walgreens.
A buy-and-hold investment for Inland, Landstown also represents the REIT’s first acquisition in the state, says Barry Lazarus, CEO of Inland Diversified. It is the company’s 33rd property, and its largest acquisition to date, bringing its assets in excess of $500 million, he says.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
