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Shopping Neighborhood

Cedar Lakes Center

565 Cedar Rd, Chesapeake, VA 23322

Listing Price: $5,409,440

Cap Rate
7.50%
Gross SF
35,881
Rentable SF
35,881
Price/Gross SF
$150.76
Lot Size
4.17 acres
Year Built
1988

Investment Overview

Marcus & Millichap is pleased to exclusively present the opportunity to purchase Cedar Lakes Center, a 35,881 square foot retail center in Chesapeake, Virginia. The property is 97% leased to a mix of local service and food tenants in this growing part of the Hampton Roads region. Over the past several years, ownership has successfully leased space to national brands, Sola Salon Studio and Code Ninjas. Sola has over 500 locations around the country, including 4 in the region. Code Ninjas is a fast-growing business designed to teach kids computer coding skills with an emphasis on science, technology and math. They have 15 locations in Virginia and are in 39 states. Cedar Lakes Center is home to Peking, Great Pizza Co. and Kitty Kingdom, all essential neighborhood restaurants. The balance of the center is leased to a collection of service oriented retailers, including Morris, Crawford & Currin P.C., King Tiger Martial Arts, Options Hairstyling and Angelico Violins. The main center was built in 1988 and the pad building near Cedar Road was added in 2007. The buyer will have the opportunity to lease one in-line shop space of 1,122 square feet to increase NOI. Cedar Lakes Center is located between Battlefield Boulevard on the east side and Dominion Boulevard to the west.

Investment Highlights

  • More than Half the Tenants have been here 10+ Years
  • Strong Leasing Momentum with Code Ninjas, Sola Salon Studio, and Morris Crawford & Currin all Signing New Leases the Last Two Years
  • Eleven Percent Population Growth Since 2010

Exclusively Listed By

  • Dean Zang

    Executive Managing Director Investments

    (202) 536-3754

    Email Dean

    License(s): MD: 665335, VA: 0225239201

    Washington, D.C.

  • David S. Crotts

    Senior Associate

    (202) 536-3757

    Email David

    License(s): MD: 652010, VA: 0225208906, DC: SP98374073

    Washington, D.C.

Broker of Record

  • Brian Hosey

    First Vice President / District Manager

    (202) 536-3700

    License(s) VA: 0225247494

    Virginia

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

Shopping Neighborhood

Cedar Lakes Center

Listing Price: $5,409,440

Cap Rate
7.50%
Gross SF
35,881
Rentable SF
35,881
Price/Gross SF
$150.76
Lot Size
4.17 acres
Year Built
1988

Investment Highlights

  • More than Half the Tenants have been here 10+ Years
  • Strong Leasing Momentum with Code Ninjas, Sola Salon Studio, and Morris Crawford & Currin all Signing New Leases the Last Two Years
  • Eleven Percent Population Growth Since 2010

Investment Overview

Marcus & Millichap is pleased to exclusively present the opportunity to purchase Cedar Lakes Center, a 35,881 square foot retail center in Chesapeake, Virginia. The property is 97% leased to a mix of local service and food tenants in this growing part of the Hampton Roads region. Over the past several years, ownership has successfully leased space to national brands, Sola Salon Studio and Code Ninjas. Sola has over 500 locations around the country, including 4 in the region. Code Ninjas is a fast-growing business designed to teach kids computer coding skills with an emphasis on science, technology and math. They have 15 locations in Virginia and are in 39 states. Cedar Lakes Center is home to Peking, Great Pizza Co. and Kitty Kingdom, all essential neighborhood restaurants. The balance of the center is leased to a collection of service oriented retailers, including Morris, Crawford & Currin P.C., King Tiger Martial Arts, Options Hairstyling and Angelico Violins. The main center was built in 1988 and the pad building near Cedar Road was added in 2007. The buyer will have the opportunity to lease one in-line shop space of 1,122 square feet to increase NOI. Cedar Lakes Center is located between Battlefield Boulevard on the east side and Dominion Boulevard to the west.

Exclusively Listed By

  • Dean Zang

    Executive Managing Director Investments

    (202) 536-3754

    Email Dean

    License(s): MD: 665335, VA: 0225239201

    Washington, D.C.

  • David S. Crotts

    Senior Associate

    (202) 536-3757

    Email David

    License(s): MD: 652010, VA: 0225208906, DC: SP98374073

    Washington, D.C.

Broker of Record

  • Brian Hosey

    First Vice President / District Manager

    (202) 536-3700

    License(s): VA: 0225247494

    Virginia

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

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