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Local Firm Buys Fully-Leased Crossways Center II in Chesapeake

Grand Discount Furniture Acquires 153,000-SF Retail Bldg. for $19.9M
February 27, 2018
Grand Discount Furniture, a home goods supplier headquartered in Norfolk that was founded in 1947, acquired the 152,697-square-foot Crossways Center II retail building in Chesapeake, VA from Harbor Group Management Co. for $19.9 million, or approximately $130 per square foot.

The retail building is part of the 510,529-square-foot Crossways Center at 1591-1595 Crossways Blvd., which is anchored by Grand Furniture, Value City Furniture, Marshalls, Ross Dress for Less and T.J. Maxx. Additional tenants at the 100 percent occupied shopping center include Firehouse Subs, Cold Stone Creamery, Lemon Grass Grill and Muscle Maker Grill, which signed a lease for 1,600 square feet earlier this month, according to CoStar information.

Jeffrey Fritz, vice president of investment sales at CBRE | Hampton Roads, brokered the deal on behalf of the seller, which paid $12.9 million for the building in 1998, according to Harbor Group International’s release.

For more information on this transaction, please refer to CoStar COMPS #4128003.
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