Towne Place at Greenbrier
Realized Towne Place is a 76,827 square-foot, four-building, class-A retail neighborhood center located in Chesapeake, VA. The asset was approximately 95% leased at the time of acquisition, which occurred via an REO sale after Wells Fargo Bank foreclosed on the previous owner of the center. The investment had a Core-Plus profile because of the opportunity to increase cash flows through light property improvements, management efficiencies, and by increasing the quality of tenancy, while at the same time generating an attractive contractual going-in cash yield.
Investment Info
- Status: Realized
- Market: Hampton Roads, VA
- Property Type:
Retail - Square Footage: 76,827
- Lingerfelt Role: General Partner
- Strategy: Acquisition
- Sub-Strategy: Reposition, Lease-Up
Investment Metrics
- Entry Date: May 10, 2016
- Purchase Price: $15,550,000
- Total Capitalization: $17,118,620
- Exit Date: February 03, 2022
- Exit Price: $23,150,000
- Hold Period: 5.8 Years
