Indian River Shopping Center Sold for $6M

NORFOLK, VA (February 2022):  JFS Real Estate, LLC has purchased the Indian River Shopping Center from Indian River Shopping Center, LLC and Indian River Shopping Center Land Co., LLC for $6,000,000.

The 128,017 square foot center is anchored by Burlington and Food Lion. It is also home to It’s Fashion and One Price Cleaners.

Located on 12.73 acres at 880 S. Military Highway in the College Park submarket of Virginia Beach, VA, the property is within close proximity to the heavily travelled intersection of S. Military Highway and Indian River Road and enjoys access to a population of close to 290,000 within a five mile radius.

“We want to thank Mike Zarpas and his SL Nusbaum team for the excellent results at Indian River Shopping Center.   Our firm has worked with Mike as a leasing and sales broker for years and his energy helped keep this sale on track.  It is a well-located center with strong tenancy, which is poised for updates and changes over the next several years to better serve the market”, said Brad Phillips, Co-President, Earle W. Kazis Associates, Inc. (Indian River Shopping Center, LLC and Indian River Shopping Center Land Co., LLC).

Mike Zarpas of S.L. Nusbaum Realty Co. represented the seller and Janet Whitbeck of Cushman Wakefield | Thalhimer represented the buyer in this transaction. Zarpas will also represent the new owner in repositioning the asset.

For more information, contact: Mike Zarpas, 757.640.2235,

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