New York firm acquires Virginia Beach shopping center for $102M

An affiliate of New York-based real estate investment firm Yale Realty Services has purchased the Landstown Commons shopping center in Virginia Beach for $102 million.

Another New York real estate investment business, Acadia Realty Trust, sold the 408,851-square-foot shopping center at 3332 Princess Anne Road to Yale Realty in January. Landstown Commons is anchored by several major tenants, including Best Buy, Burlington, PetSmart, Ross Dress for Less, Old Navy and Kohl’s.

“The Landstown Commons Shopping Center is a first-in-class property in the Hampton Roads, Virginia Beach submarket, and the surrounding area has both a high employment rate and great demographic diversity, making this a very appealing addition to our portfolio,” Yale Realty President Yale Paprin said in a statement.

Rob Carter of Berkeley Capital Advisors brokered the deal, and the Bank of Montreal provided  financing.

When asked about whether the property will undergo any renovations, a Yale Realty spokesperson said the property is “in great shape,” but the company plans to install a new roof within the next year. There are no plans for residential expansion, but the company is engaging with new potential tenants.

Established in 1990 and headquartered in Westchester County, New York, Yale Realty has bought or sold 40 shopping centers and retains a portfolio mainly in the southeastern United States.