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Details: Retail

Asking Price: $2,276,000

Square Feet: 16,178 SF

Asking Cap Rate: 7.75%

Year Built: 2009

NOI: $176,375

Peninsula Town Center – Building D

2540 McMenamin St, Hampton, VA 23666

  • Opportunity to acquire a portion of one of the most successful shopping centers in one of the densest and most stable markets on the East Coast
  • The asset is 100% occupied with short term and no options on all existing retail tenants leaving room to push rents significantly at renewal
  • Upon renewals with Shoe Dept and Bath & Body Works, projected going in cash returns go from 7.75% to 12.43% with an increase to the NOI of over $100,000
  • Excellent historical sales from both Shoe Dept and Bath & Body Works provide surety of commitment to the market and to these locations
  • Central location within Peninsula Town Center giving it significance, prominence and ease of access to all common areas used by hotel guests, residents, and visitors
  • Addition of adjoining multifamily residential will continue to increase the number of Live/Work/ Play customers on site
  • 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 second highest trafficked center in Hampton Roads
  • Great visibility from I-64
  • Peninsula Town Center offers a variety of experiential retail uses including 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 over 525 apartments and hotel rooms on site

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