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Former Sports Authority 2720 NORTH MALL DRIVE | VIRGINIA BEACH | VA, 23

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Former Sports Authority 2720 NORTH MALL DRIVE | VIRGINIA BEACH | VA, 23 FOR SALE Former Sports Authority 2720 NORTH MALL DRIVE | VIRGINIA BEACH | VA, 23 PRICE REDUCED! FORMER CONTACT US © 2017 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes Sterling Champ Chris Read no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, Executive Vice President Senior Vice President financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. CBRE and the CBRE logo are service marks of CBRE, +1 818 502 6769 +1 757 228 1803 Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. [email protected] [email protected] FOR SALE Former Sports Authority 2720 NORTH MALL DRIVE | VIRGINIA BEACH | VA, 23452 EXECUTIVE SUMMARY This well-located former Sports Authority store situated Company, Sephora, and Victoria’s Secret, H&M, Old The site is accessible via the signalized intersection at in Lynnhaven North Shopping Center in Virginia Beach, Navy, and Banana Republic. North Mall Drive and Lynnhaven Parkway. Recent traffic Virginia is now for sale. The store contains 41,262 counts show Lynnhaven Parkway with 51,000. There is square feet on 3.21 acres. The store in located within The property is also adjacent to Lynnhaven East also signalized access at South Lynnhaven Road. the 268,453 SF Lynnhaven North Shopping Center. Shopping Center, which is anchored by Office Max, The property is adjacent to the 1.3 Million square foot DSW Shoes and Toys R” Us. The property is a satellite The former tenant installed a new roof in 2007, and regional Lynnhaven Mall that has over 180 stores, to, and shares a common internal access road with new HVAC units in 2008 . The property is offered on including Macy’s, Dillard’s, JC Penney, Dick’s, Barnes Lynnhaven Mall which is located less than one mile an all-cash basis. & Noble, AMC Cinemas, Dave & Busters, LL Bean, from the Virginia Beach exit off I-264, the main BrookStone, Ann Taylor Loft, Gap, Apple, Charlotte interstate in Virginia Beach. Owner has full possession of the Sports Authority box. Russe, Express & Express Men, Limited, New York & OVERVIEW Address: 2720 North Mall Drive, Virginia Beach, VA 23452 Building Size: 41,262 SF Lot Size: 3.21 Acres Parking: N/A Year Built: 1994 Price: $3,900,000.00 Capital Markets | Investment Properties FOR SALE Former Sports Authority 2720 NORTH MALL DRIVE | VIRGINIA BEACH | VA, 23452 HIGHLIGHTS Excellent Access/Visibility: The site is accessible via the signalized intersection at North with Lynnhaven Mall which is located less than one mile from the Virginia Beach exit off Mall Drive, and Lynnhaven Parkway and a signalized intersection at South Lynnhaven I-264. Road. Recent traffic counts show Lynnhaven Parkway with 51,000 and South Lynnhaven Road with 20,200 vehicles per day. Strong Demographics: The property is located in a dense infill area with a population of 99,480, 242,008 and 530,225 within a 3, 5 and 10 mile radius, respectively. The area Strategic Location: The property is adjacent to the 1.3 Million square foot regional has average household incomes of $58,107, $63,108 and 64,745 within a 3, 5 and 10 mile Lynnhaven Mall that has over 180 stores, including Macy’s, Dillard’s, JC Penney, Dick’s, radius. Barnes & Noble, AMC Cinemas, Dave & Busters, LL Bean, BrookStone, Ann Taylor Loft, Gap, Charlotte Russe, Express & Express Men, Limited, New York & Company, Sephora, and Victoria’s Secret, H&M, Old Navy, and Banana Republic. The property is also adjacent to Lynnhaven East Shopping Center, which is anchored by Office Max, DSW Shoes and Toys R” Us. The property is a satellite to, and shares a common internal access road Capital Markets | Investment Properties FOR SALE Former Sports Authority 2720 NORTH MALL DRIVE | VIRGINIA BEACH | VA, 23452 INVESTMENT HIGHLIGHTS LOCAL MARKET HAMPTON ROADS ports of Newport News, Norfolk, and Portsmouth. The Norfolk/Virginia Beach/Newport News Metropolitan Statistical Area (MSA), locally known Within the Hampton Roads MSA, there are eleven universities and colleges including Old as Hampton Roads, is situated along the coastline of southeastern Virginia, and is centered in Dominion University, the College of William and Mary, Christopher Newport University, the Hampton Roads Harbor, the world’s largest deepwater harbor. Comprised of nine cities and Hampton University, Regent University, Tidewater Community College and Eastern Virginia six counties, the MSA is 200 miles south of Washington, DC, and 100 miles south of Richmond, Medical School, among others. This academic setting draws a large population of students the Capital City of Virginia and anchors the southern end of the Chesapeake Bay. each year, many of whom remain in the area, adding to the well-educated workforce that drives the Hampton Roads economy. Hampton Roads is an established, rapidly-growing area and home to over 1.7 million people. The strong economic base is supported by Naval Station Norfolk (the world’s largest Naval Hampton Roads is the second-fastest growing area in Virginia and is bolstered by the Station according to the US Navy), the popular Virginia Beach oceanfront, the ports of Newport outstanding labor base, quality of life, and centrality along the Eastern Seaboard. News, Norfolk, and Portsmouth, as well as Newport News Shipbuilding, the largest shipbuilding facility in the mid-Atlantic region. The military operations and tourism in Hampton Roads have long served as the bedrock for this thriving economy, while the private sector continues to VIRGINIA BEACH diversify and expand. Major employers currently include port and shipping, light industrial, tourism, transportation, and service sector companies, while economic development efforts Virginia Beach is located in the southeast corner of Virginia and is comprised of 307 square continue to draw new companies to the area. miles extending from the Chesapeake Bay down the coast of the Atlantic Ocean to the border of North Carolina. Virginia Beach’s strategic Mid-Atlantic location and superior transportation Hampton Roads is easily accessible by ground, air, and sea, making it attractive to many network provide swift access to domestic and foreign markets. Virginia Beach is linked to international corporations and the US Military. Interstate 64 runs east and west and connects the national markets by one of the country’s most modern interstate and highway systems. the Hampton Roads MSA to Richmond (Interstates 95 and 85 – north/south) and points west. Interstate 64, Hampton Roads’ major east-west route, borders the area. Due west are the The Chesapeake Bay Bridge Tunnel also gives coastal highway traffic direct access to Hampton north-south Interstates 95 and 85. The Chesapeake Bay Bridge Tunnel connects Virginia Beach Roads and Virginia’s eastern shore, saving 90 miles of highway travel to the New York/New to the Eastern Shore of Virginia, and cuts driving distance to the northeast corridor by 90 miles. Jersey corridor. Norfolk International Airport, ten miles from Virginia Beach, and Newport News/Williamsburg International Airport, approximately 35 miles from Virginia Beach, are both located in the Hampton Roads MSA and offer direct flights to most major hubs. The Hampton Roads MSA is served by the second largest general cargo port on the east coast, including the Virginia Beach has 38 miles of ocean and bay beaches, a three mile long boardwalk, countless Capital Markets | Investment Properties FOR SALE Former Sports Authority 2720 NORTH MALL DRIVE | VIRGINIA BEACH | VA, 23452 INVESTMENT HIGHLIGHTS LOCAL MARKET historical landmarks and family activities, a thriving business environment, and comfortable LYNNHAVEN RETAIL SUBMARKET lifestyle for its many year-round and part-time residents. Coupled with its outstanding coastal The Lynnhaven retail market is anchored by GGP’s 1.3 million square foot Lynnhaven Mall. The location in the heart of the mid-Atlantic, it is no wonder Virginia Beach has been ranked one of property is anchored by Macy’s, Dick, Barnes and Noble, JCP and AMC Cinemas. The mall just the “Best Places to Live in America” by Money Magazine. underwent a substantial interior renovation and new deals have recently been completed with Virginia Beach is the 39th largest city in the United States and is the most populous city in Dave and Busters, JUMP, Apple, and LL Bean. Lynnhaven Mall is the strongest mall in the Virginia with 448,000 residents. This year-round population does not include the nearly three MSA and has a super regional draw. The submarket has ready access to I-264 via Lynnhaven million visitors to Virginia Beach each year. There are also a significant number of people each Parkway and has a very large daytime population given the tremendous amount of Class A year who own vacation homes and travel to Virginia Beach from other major metropolitan areas office and flex product within close proximity to the mall. within the region, including Richmond, Charlottesville, and Washington DC. As a result, unlike The former Sports Authority box is located immediately to the north of the mall and is within other traditional beach destinations, Virginia Beach’s visitor population is present throughout plain site of the mall property and can be accessed from the mall ring road.
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