This property has sold.

Details: Retail

Asking Price: $5,455,000

Square Feet: 42,000 SF

Asking Cap Rate: 8.75%

Year Built: 1999

NOI: $477,318

SOLD – Olde Towne Marketplace

1501 London Blvd, Portsmouth, VA


  • Old Towne Marketplace is the dominant shopping center within the Park View market of Portsmouth
  • Food Lion has occupied their space since construction in 1999 and have shown commitment to the center through continued renovations of their space and the renewal of lease terms
  • Sales growth of more than 6% Year over Year
  • Food Lion is the dominant grocer within the Hampton Roads market with over 20 locations


  • Food Lion at Olde Towne Marketplace was a part of the brand’s $168 Million Easy, Fresh and Affordable remodel project throughout the Hampton Roads region. Renovations on these stores included new store layouts, updated product assortment, walk in garden coolers, expanded delis, and more
  • Landlord installed new LED lighting throughout the parking lot
  • Landlord overlaid the entire parking lot in 2018


  • Situated along London Boulevard, the busiest non-interstate road leading into Downtown Portsmouth
  • Signalized hard corner with over 40,000 VPD passing through surrounding roads
  • Adjacent to high school and central location to homes, making this a true neighborhood grocery center
  • One of Hampton Roads most densely populated markets

This property has sold.