NORFOLK, VA (October) – S.L. Nusbaum Realty Co. is pleased to announce that Kroger Limited Partnership I has purchased 16.784 acres located at Dominion Boulevard and Cedar Road in Chesapeake, VA from Chesapeake Development for $8,224,160. Tommy Drew, Vice President, represented the buyer in this transaction.
A new center, Dominion Commons, is slated to house the new 124,000 square foot Kroger Marketplace which will bring hundreds of jobs to the City and will generate approximately $1,000,000 per year to Chesapeake in tax revenue. The store will feature 94,000 square feet of grocery and approximately 30,000 square feet of general merchandise, pharmacy, health and beauty and jewelry, as well as a fuel center.
This marks the 7th overall new store opening and 6th Kroger Markeplace in the Hampton Roads region and will be its second Chesapeake location. Tommy Drew continues to assist Kroger with its expansion plans throughout the Hampton Roads area.
According to Scarborough Research, (provided by Pilot Media) the number of Kroger stores shopped weekly saw a significant year over year increase from 2013 to 2015. Additionally, Kroger saw increases in weekly traffic from all key income segments with weekly traffic now at a ten (10) year high in South Hampton Roads.
With over 115 years of expertise in the real estate industry, S.L. Nusbaum Realty Co. manages, develops and provides sales and leasing services for shopping centers, apartment communities, office, industrial and investment properties throughout the Mid-Atlantic and Southeast.