Drew Negotiates $7 Million Purchase For Kroger Limited Partnership
For Immediate Release
Contact: Susan Childress
Corporate Marketing Director
Norfolk, VA - (August 2012) - S. L. Nusbaum Realty Co. is pleased to announce the purchase of 16.8 acres located at 3901 Holland Road in Virginia Beach, VA for $7,000,0000. Tommy Drew, Vice President, was the sole broker in this transaction and represented the buyer, Kroger Limited Partnership.
It is at this location, a former Super Kmart, where Kroger will build their new Marketplace concept store, a format that Kroger has opened primarily in the Western and Mid-Western states. The new Kroger Marketplace in the Holland Windsor Shopping Center will consist of 124,000 square feet. The store pairs food and major presentation of general merchandise that highlights home goods, but casts the conspicuous sparkle of jewelry as well.
94,000 square feet will be devoted to grocery items, including specialty items throughout the store. There will be an extensive fresh produce section, including a nice emphasis on organic foods, a large cheese department, butcher shop, bakery and lots more. There will be 30,000 square feet of general merchandise, as well as a drive-thru pharmacy. In addition, this location will feature a Fred Meyer Jewelry Store. "It is much bigger than anything we've got in the Tidewater area," said Carl York, a Kroger spokesperson for its Mid-Atlantic region, based in Roanoke, Virginia.
The Kroger Co., headquartered in Cincinnati, Ohio is one of the nation's largest grocery chain (and is the 2nd largest general retailer by revenue in the U.S.), with fiscal 2011 sales of $90.4 billion.
The Kroger Co. spans many states with store formats that include grocery and multi-department stores, convenience stores and mall jewelry stores. They operate under nearly two dozen banners, all of which share the same belief in building strong local ties and brand loyalty with their customers. Kroger Mid-Atlantic has been working with Tommy Drew of SLN for nearly 13 years on site selection in the Hampton Roads market.
Drew represents Kroger on specific grocery sites that are possible expansion locations for the new Marketplace concept. The sites are typically a minimum of 14 acres, including a fuel center parcel and store expansion area. The sites must be capable of generating at least $1 million in sales per week.
With over 100 years of expertise in the real estate industry, S.L. Nusbaum Realty Co. manages, develops and provides brokerage services to shopping center projects, apartment communities, office and industrial properties throughout Virginia, North Carolina, South Carolina, Georgia and Florida.
Headquartered in Norfolk and with an office in Richmond, VA, it is one of the largest commercial real estate firms in Virginia and currently manages over 5.3 million square feet of retail space, over 19,000 apartment units and 2 million square feet of office and industrial properties.
S.L. Nusbaum Realty Co. is proud to partner with X Team International. X Team is an international alliance of retail real estate specialists with offices located in major cities throughout the U.S., Canada and Europe. X Team partners average more than 20 years of industry experience, with expertise in major markets worldwide, specializing in tenant, property and developer/landlord representation, workout services, property dispositions and retail investments. X Team services include transaction negotiation, portfolio analysis, lease valuations, acquisitions, and asset assessment and valuation. For more information, please visit www.xteam.net.
S. L. Nusbaum Realty Co. is pleased to announce the successful negotiation of the following transactions for the Norfolk and Richmond Offices:
With more than seven grocery market chains in Hampton Roads, grocers are fighting for real estate as much as they are customers.