Regional mall serves Chesapeake, Suffolk & Portsmouth
JLL today announced it has been chosen to lease and manage Chesapeake Square, a 717,000-square-foot regional mall located at 4200 Portsmouth Blvd. in Chesapeake, Va. The mall was taken over by a special servicer in April. JLL plans to stabilize and continue to lease the property as normal, and current tenant operations are not expected to impacted by the foreclosure.
JLL Vice President Tom Dunn, Associate Christine Young and JLL Senior Vice President and Regional Manager Rick Vita will lead the assignment.
“We look forward to working with the special servicer to further strengthen Chesapeake Square, which includes two unmatched opportunities to become an anchor tenant,” said Vita. “The mall has a captive customer base in the fast-growing, Western Branch area and greatly benefits from the corporate presence of multiple Fortune 500 companies, major military institutions and shipyards.”
The mall, anchored by Target, J.C. Penney, Burlington Coat Factory and Cinemark, hosts a strong retail mix of 90 national and specialty retailers, including Finish Line, Foot Locker, Gymboree, Men's Warehouse, New York & Company, Stride Rite, Victoria's Secret and Zales Jewelers.
JLL’s retail experts partner with retailers, investors and owner/operators with an extensive team of dedicated experts around the world. They understand the inherent complexities and variability associated with both the retail industry and increasingly complex capital markets. JLL’s specialists are recognized for their independent and expert advice to clients, backed by industry-leading research that delivers maximum value. With leading in-depth knowledge of the local, regional and global market dynamics, JLL aims to truly partner with its clients for the entire lifecycle of an asset or lease. Its experts deliver clients maximum value to support and shape their investment, site selection and brand strategies.
JLL is the largest third-party retail property manager in the United States with more than 1,000 centers, totaling 125 million square feet under management. The firm has more than 140 retail brokerage experts spanning more than 30 major markets, representing more than 900 retail clients. In 2015, JLL’s retail experts completed transaction management and portfolio optimization on 1,500+ leases, negotiated 500+ leases for retailers and 1,000+ leases for landlords and completed more than $2.7 billion of investment sales, dispositions and financing for investors. For more news, videos and research from JLL’s Retail Group please visit: www.jllretail.com.
About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $59.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
