Regions Hampton Roads

Parker Realty Group buys retail center in Chesapeake for $1.6 million

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Parker Realty Group has purchased a 6,500-square-foot retail property, Chesapeake Square Place, for $1.6 million. The seller of the property was Kelly’s at Chesapeake Square LLC.

The property is located at 2400 Chesapeake Square Road. According to Cushman & Wakefield | Thalhimer, the buyer plans to redevelop Chesapeake Square Place.  Renovations are underway, and tenant spaces should be delivered in January 2014.

Starbucks, Hair Cuttery and Jersey Mikes have signed leases, and Cushman & Wakefield | Thalhimer said it also would be handling the leasing of the remaining two 1,300-square-foot vacant spaces.

Thalhimer’s Eric Stanley handled the sale negotiations on behalf of the buyer.

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