Hampton Roads outparcel fetches $1.07 million
- March 1, 2019
One of Hampton’s biggest redevelopment projects is adding more retail space.
Prayosha Hampton Retail LLC bought for $1.075 million an outparcel at Peninsula Town Center at 2033 Coliseum Drive in Hampton, according to a city property record.
The seller in the deal was an affiliate of the Dallas-based Tabani Group, which bought Peninsula Town Center in 2014 for $48.5 million.
Plans call for the land to be developed into a 5,760-square-foot multi-tenant retail building, according to Cushman & Wakefield | Thalhimer. Prayosha Hampton Retail LLC lists Shreyansh Trivedi as its registered agent and its principal office as a residential home in Virginia Beach.
Peninsula Town Center is one of the largest redevelopment projects in Hampton’s history. Last year, a Floor and Décor store and a Sky Zone Trampoline Park opened in a new 97,000-square-foot building. Planned for the mixed-use development is a three-story, 120-room Element Hotel. The state planned to invest more than $17 million to help with the hotel project.
Rob Wright of Thalhimer represented the buyer in the deal. Thalhimer’s Dean Martin, David Tunnicliffe and Connie Jordan Nielsen represented the seller.