An affiliate of Yale Realty Services Corp. has acquired the Landstown Commons Shopping Center for $102 million. Anchored by major national tenants, the 408,851-square-foot retail destination is located at 3332 Princess Anne Road in Virginia Beach’s primary retail corridor.
The deal was brokered by Rob Carter of Berkeley Capital Advisors, and financing was provided by the Bank of Montreal. The seller is an undisclosed REIT. The affiliate of Yale Realty Services Corp. was represented by Moritt Hock & Hamroff. “This shopping center, with its mix of shopping, dining, entertainment and fine retail, makes it a perfect investment for us,” said Paprin.
The shopping center is anchored by major national tenants including Best Buy, Homesense, Burlington, PetSmart, Ross Dress For Less, Old Navy, Ulta, Five Below, OfficeMax, and Kohl’s. The property also features a multitude of restaurants and small shops that cater to the local population and office market…