Chesapeake shopping center sells for $5.1M
75K-square-foot property 25% occupied
A shopping center in Chesapeake sold for $5.1 million, Colliers International announced earlier this week.
The 75,023-square-foot Cahoon Commons Shopping Center is located at 644-648 Grassfield Parkway. The property is currently 25% occupied by tenants including Chesapeake Regional Medical Center, Virginia Alcoholic Beverage Control, State Farm, Long and Foster and Tap It Local restaurant.
Grassfield Parkway LLC purchased the shopping center from Sun Life Assurance Co. of Canada. Jeff Parker, a Colliers investment sales broker, and Sharon Holmstrom, Colliers vice president, represented the seller.
“This asset presents an incredible value-add opportunity in our region, and it holds enormous upside potential for the new ownership,” Parker said in a statement. “Despite the significant challenges and uncertainty in the current economic environment, we are seeing an increasing amount of capital from investors in search of opportunities across all asset classes.”