Coldwell Banker Commercial Elite is pleased to present, for sale, London Plaza Shopping Center, a 47,700 sq. ft. shopping center anchored by a brand new Dollar Tree store. The shopping center is currently 97% leased to ABC store, Beauty World, Career Training Center, New Vision Healthcare Services, a Pawn Shop, Dannys Seafood, Subs-Sandwiches and More, a nail salon and a hair salon. The center currently has only one retail vacancy (1,300 sf).

Shopping Center Size (RSF): 47,700 sq. ft.

NOI: $299,396

CAP Rate: 7.67%

Price: $3,900,000

London Plaza Shopping Center sits on busy London Blvd. (20,000 VPD) nearby I. C. Norcom High School (1,460 students). London Blvd.s importance as an artery is expected to grow due to completion of the Martin Luther King Freeway. MLK is an important connector to the Virginia International Gateway, Portsmouths enormous and expanding container port terminal. Over the next two years, the port facility is expected to double in size creating more traffic in the corridor.

Additionally the Shopping Center is close by the Portsmouth Naval Medical Center with more than 5,000 employees and 274 beds. The Olde Towne/Downtown submarket is currently exploding with new multi-family developments such as the new Quarters at Park View Apartments (140 Units) adjacent to the center. An attached map shows the seven new developments with 724 apartment units in the submarket. With major growth from infrastructure to new multifamily the surrounding area growth will ultimately feed new local investment

Location Description:

47,700 sf Shopping Center for sale in Portsmouth, VA. Strong anchor tenants - Dollar General and Virginia ABC Store. Located just minutes from Interstate 460, I-464, Route 17. I-64 and I-264. Prime frontage on London Blvd. (20,000 ADT).

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