C Fritz and O’Donnell represent Armada Hoffler Properties in transaction Colliers Int’l. announces sale of shopping center in Chesapeake, VA totaling $90M

ISSUE HIGHLIGHTS Volume 32, Issue 12 June 26 - July 16, 2020

HESAPEAKE, VA — The Colliers In- ternational Retail Investment Team announced the sale of Gainsborough Square in Chesapeake from Armada Hoffler Properties to Slate Asset Management . Gainsborough Square is one of seven retail centers in a $90 million grocery-anchored port- folio sale by Armada Hoffler Properties. The neighborhood shopping center, built in 1999, comprises 88,862 s/f. It is anchored by a 44,874 s/f Food Lion, the market leading supermarket with 42.3% of 2019 sales in the Hampton Roads region. Other major tenants include Rite Aid, Super Cuts, UPS Store, Mc- Cormick Paints and Subway. The center was 93.8% occupied at the time of the sale. Gainsborough Square is located on N. Battlefield Blvd. The Greenbrier/Battlefield submarket is the number one mixed-use business district in the region and is surrounded by 19 million s/f of commercial space and more than 51,000 employees.


Section C 30 UNDER 30




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Gainsborough Square

Colliers International’s leas- ing team includes Natalie Hucke , senior vice president, and Kevin O’Keefe , senior vice president. MAREJ

Other Virginia properties in the portfolio included Bermuda Crossroads in Chester and In- dian Lakes in Virginia Beach. Jeff Fritz, CCIM, CPM ,

vi ce pres ident , and Jay O’Donnell , vice president, with Colliers International’s Norfolk and Charlottesville offices represented the seller.

Lee&Associates’ GordonandKelly secure770,000 s/f inMD&NJ; Driving totalmanagement +6Million s/f

foundation of a dynamic team with an exceptional ability to deliver personal- ized and tailored services to each of their clients,” said Brian Knowles , principal at Lee & Associates. “Their hard work and dedication is evident in the success they have had with our firm to date,” he concluded. Prior to joining Lee, Gor- don and Kelly most recently partnered in the manage- ment of assets throughout the Mid-Atlantic states of Pennsylvania, New Jer- sey, Delaware, and Mary- land. They specialize in industrial and office asset management services, and together have managed over 48 million s/f of properties throughout their over 40 years of combined manage- ment experience. MAREJ

has secured assignments increasing its total man- agement portfolio to over

management of a 245,000 s/f. property in New Jersey. Since joining the firm in Sep - tember of 2019, the team of principals, Bruce Gordon and Michael Kelly , have been focused on driving the growth of asset services for the company’s Pennsylvania offices. “Our service area is quickly expanding throughout the Mid-Atlantic, and we’re en- joying the growth opportuni- ties here at Lee,” said Gordon. “The platform of services we offer at Lee allows our team to provide best in class market knowledge for our institu- tional clients to make well- educated business decisions. We look forward to continuing to meet their real estate goals and those of new clients going forward.” he added. “Bruce and Mike are the

PENNSYLVANIA — Lee & Associates , a national full-service commercial real estate firm, recently an- nounced its Eastern Penn- sylvania Asset Services team

6 million s/f throughout Pennsylva- n i a , N e w Jersey, Del- aware, and Mary l and . O v e r t h e last thirty days, and in partnership with Lee & Assoc iates Chesapeake R e g i o n ’ s p r o p e r t y m a n a g e - ment team, LAEP was

Directory ROP (Front Section) .................................... Section A Contributing Columnist . Paul Fetscher CCIM CRX CLS, American Brokerage Inc. Creative Financing: The Key to Securing Deals .......... 2A Retail Development Reimagined . ..................... 5-13A People on the Move............................................ 14A Owners, Developers & Managers ............... Section B 30 UNDER 30.............................................. Section C www.marej.com

Bruce Gordon

Michael Kelly

awarded the management of three Maryland proper- ties totaling 525,000 s/f. In addition, the team secured

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