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Details: Retail

Asking Price: $1,563,000

Square Feet: 8,908 SF

Asking Cap Rate: 7.25%

Year Built: 2008

NOI: $113,323

Peninsula Town Center – Building A

3150 Allainby Way, Hampton, VA

  • All common areas are managed by the POA, giving the owner limited management responsibility.
  • The center is 80% occupied leaving almost $500k of value through future lease-up and rent growth
  • Internet resistant tenant mix including a new lease with one of the regions most successful brunch restaurants, Canvas
  • Immediately adjacent to the top performing hotel in the market, Element Hotel and 405 residential units within Peninsula Town Center
  • The Peninsula Town Center Anchor, Target, was fully remodeled in 2022 with a full interior remodel and exterior facelift
  • With over 6.76 million annual visits, PTC is the most visited shopping center in all of Virginia, and within the top 98th percentile in the United States per data from Placer.ai
  • Peninsula Town Center offers a variety of experiential retail uses including over 25 restaurants and EVO entertainment theater, which complement the overall development’s activity-oriented retail such as Skyzone and Latitude Climbing Gym
  • High traffic count intersection
    • I-64: 183,000 cars daily
    • Mercury Blvd: 61,000 cars daily
  • The Hampton Roads market is a direct beneficiary of being home to the largest concentration of military installations in the world
  • Significant Live/Work/Play environment with a combination of 405 multifamily units on site with another 30 units planned

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