August 31, 2021 | THE PALOMAR GROUP
The Palomar Group is pleased to announce the recent $36,500,000 sale of Greenbrier Square located in Chesapeake, VA. Greenbrier Square is a high-trafficked retail center, completed in July 2017, located in the densely populated Chesapeake area. Kroger Marketplace, the anchor tenant ranks as the number one Kroger in the state of Virginia and the number one grocery store in the Newport News market. Other tenants at Greenbrier Square include HomeGoods, Dick’s Sporting Goods and Field & Stream, and Five Below, with one value-add opportunity of 12,000 square feet.
Principal Financial (Nasdaq: PFG) was the seller and Armada Hoffler (NYSC: AFF) was the buyer.
“Greenbrier Square has all of the characteristics of well-located, high quality real estate,” said Craig Ramiro, Vice President of Armada Hoffler Properties. “With a high volume grocery anchor, significant weighted-average lease term, investment grade credit on the rent roll, and future growth potential, Greenbrier Square has everything we look for in an acquisition target. We’re proud to add the property to our portfolio. I’d like to personally thank the good folks at the Palomar Group for sourcing and facilitating a successful off-market transaction.”
SECOND TIME’S A CHARM…When Steve Collins, David Rivers, and Ryan McArdle first sold Greenbrier Square to Principal in 2017 the record was broken for largest price point on a grocery anchored sale in the Hampton Roads market. The 2021 sale of Greenbrier Square by the Palomar Group solidifies their ability to execute on an investor’s disposition strategy as well as their ability to procure a qualified and capable buyer. The buyer is confident that Greenbrier Square and the Kroger located in the center will continue to be the dominant grocery anchored center in the region as well as the state. The Palomar Group has continued to solidify and expand on their footprint in Virginia, the sale of Greenbrier Square brings Palomar’s total 2021 sales in Virginia to a number north $53 million totaling more than 530,000 square feet.
The Palomar Group is a full-service commercial Investment Sales firm. The Investment Sales Team specializes in well positioned anchored or unanchored retail properties throughout the country. Their proven track record on both the acquisition and disposition sides is a direct result of their understanding of the marketplace, appropriate asset valuation based off current market conditions, and the alignment of assets to the most suitable and qualified Buyer/ Seller. The Team has worked on over 10 million square feet of retail, office and multifamily, having a hand in over $1 billion in transactions across 13 states.