Lynnhaven Green Shopping Center

Location: Virginia Beach, VA
Type: Retail
Price: $3,600,000

SMC has provided a $3,600,000 loan to refinance existing senior and mezzanine debt in the approximate total amount of $2,100,000 previously collateralized by the Property. The Property is located at 1505 Lynnhaven Parkway, Virginia Beach, VA 23453. The Subject was built/renovated in 1980/2014-2015, is comprised of one building configured in a rectangular shape and represents a portion of the larger Lynnhaven Green Shopping Center. The Property is currently 100% occupied, and is anchored by Farmers International Market (“Farmers”). In addition, the surrounding area is infill and has strong demographics, with a population of 20,961 and 118,354 and a median household income of $60,725 and $64,458 within a 1- and 3-mile radius, respectively. The Property is located at the heavily trafficked corner of Lynnhaven Parkway and South Rosemont Road; approximately 10 miles southwest of downtown Virginia Beach, VA and 13 miles southeast of Norfolk, VA. Traffic counts at the Lynnhaven Parkway and South Rosemont intersection amount to approximately 31,000 vehicles per day.