JLL arranges financing for Virginia Beach retail center

September 11, 2019 – JLL announced today that it has arranged acquisition and renovation financing for Fairfield Shopping Center, a 243,031-square-foot, grocery-anchored retail center in Virginia Beach, Virginia. JLL...
Fairfield Shopping Center

September 11, 2019 – JLL announced today that it has arranged acquisition and renovation financing for Fairfield Shopping Center, a 243,031-square-foot, grocery-anchored retail center in Virginia Beach, Virginia.

JLL worked on behalf of the borrower, a partnership between Crosland Southeast and New Market Properties, to place the seven-year, floating-rate loan with BB&T Real Estate Funding.

Anchored by Food Lion, TJ Maxx, and Rite Aid, the 87%-leased Fairfield Shopping Center is also home to a variety of service, retail and restaurant tenants, including Starbucks, Verizon, SunTrust Bank, Hardee’s, Five Guys and Moe’s Southwest Grill. Situated on 24 acres, the property is visible to approximately 55,000 vehicles a day at the intersection of Providence and Kempsville Roads. It is located within in the Hampton Roads MSA, a geographically expansive area stretching from Williamsburg and James City County to the northeastern corner of North Carolina and covers a diverse array of submarkets. Nearly 129,000 residents earning an average annual household income of $87,393 live within a three-mile radius of Fairfield Shopping Center.

The JLL Capital Markets team representing the borrower was led by Senior Director Cory Fowler.

Categories
CommercialDealsFinancingNationalRetailSouthWashington D.C.

RELATED ARTICLES