13.5-acre parcel near Town Center of Virginia Beach sells for $9 million
The Lowe’s Virginia Beach West property, a 13.5-acre parcel one mile north of The Town Center of Virginia Beach, has sold to a Virginia Beach-based developer for $9 million.
Eric Bucklew, vice president of Divaris Real Estate Inc.’s Virginia Beach office, represented the seller, Lowe’s Home Center LLC.
The property, located at 717-745 Independence Boulevard, is across from Sentara Bayside Hospital and was formerly a neighborhood grocery-anchored shopping center.
Lowe’s Home Improvement purchased the property in 2007 for $13.5 million. It demolished the center and prepared the site for future development. However, after the 2008 recession, Lowe’s delayed its expansion plans, and a new store was never built.
According to Divaris, the new buyer plans to build another shopping center or mixed-use development.