Retail development planned for Chesapeake property

Virginia Beach-based Kotarides Holdings has acquired a former Toys “R” Us store site in Chesapeake with plans to create new retail space.

The real estate company bought the 3.6-acre property at 4120 Portsmouth Blvd. in Chesapeake’s Western Branch area for $1.85 million. The site is adjacent to Chesapeake Square Mall and an Office Max store, properties that Kotarides purchased last year. Kotarides plans to demolish the Toys “R” Us building, which measured 29,195 square feet, to create new retail and restaurant space for tenants that cannot be accommodated at Chesapeake Square. Kotarides has begun preliminary engineering on the newly acquired site but the size of the new spaces has not been determined.

David Machupa, Ed Kimple and Eric Stanley of Cushman & Wakefield | Thalhimer negotiated the sale for Kotarides and are handling the redevelopment of the parcel and Chesapeake Square Mall.

The acquisition is a part of the Kotarides’ ongoing investment in new residential and commercial properties in Western Branch area. The company, for example, has begun work on two mixed-use projects on Portsmouth Boulevard.

Founded in 1963 by Alex and O. Pete Kotarides, the company’s divisions include Corinth Residential, Kotarides Developers, Kotarides Builders and KPM, a real estate management division. The company has projects in Hampton Roads and Richmond in Virginia and Raleigh, Winston-Salem and Charlotte in North Carolina.