Virginia Shopping Center Commands $102M

January 21, 2026

The asset previously traded for $86 million in 2019.

An affiliate of Yale Realty Services Corp. has acquired Landstown Commons Shopping Center, a 408,851-square-foot open-air retail center in Virginia Beach, Va., for $102 million. Acadia Realty Trust previously owned the asset, Yardi Matrix shows.

Bank of Montreal provided $73.4 million in acquisition financing, Commercial Observer reported. Berkeley Capital Advisors brokered the deal, while Moritt Hock & Hamroff provided representation for Yale Realty.

Landstown Commons’ price tag of $102 million represents a nearly 18 percent premium compared to its 2019 sale. Back then, Acadia paid $86.4 million for the retail property, the same data provider shows.

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Landstown Commons comprises eight buildings that came online in 2007. The tenant roster includes anchors such as Best Buy, Burlington, Homesense, Ross Dress For Less, PetSmart, Five Below, Old Navy, OfficeMax and Ulta, as well as other restaurants and shops catering to the local population and office market. Kohl’s serves as shadow-anchor.

Located on more than 35 acres at 3312 Princess Anne Road, the property is roughly 10 miles southwest of downtown Virginia Beach and 15 miles southeast of Norfolk, Va.’s city center, as well as approximately 5 miles south of U.S. Route 58 and Interstate 264. Nearly 71,000 households are within a 5-mile radius, having an average income of more than $120,000.

Yale Realty Services Corp. has acquired or sold 40 shopping centers since its inception in 1990. Its portfolio primarily includes properties throughout the Southeast.

Hampton Roads’ largest retail sale in a while

Landstown Commons’ sale is one of the largest the Hampton Roads retail market has seen in a while. The metro’s investment volume amounted to only $162 million in 2025, according to a CBRE report.

Retail vacancy rates averaged 4.5 percent across Hampton Roads in the fourth quarter of last year, up 5 basis points over the quarter, the same source shows. However, Virginia Beach had less space available, the submarket’s vacancy rate having clocked in at 3.4 percent at the end of December.