print header

# 1 Commercial Real Estate Information Company

  • Find Properties 
  • Market Properties 
  • Analyze Properties 
Products
Commercial Real Estate News

VA Beach Buys 18-Acre Property Near Naval Air Base

Purchase Part of Government-Funded Program Dedicated to Eliminating Encroachment on NAS Oceana
November 16, 2011
The City of Virginia Beach recently paid $6 million to buy the London Bridge Commerce Center, an 18-acre mixed-used commercial property at 130 London Bridge Road in Virginia Beach.

The city acquired the property from the Seay Family LLC as part of a government funded program dedicated to eliminating encroachment on the naval air station at Oceana. The Navy has voiced concerns over the density of development around the base. As part of its ongoing efforts to keep the military air base in Virginia Beach, the city and the state agreed to spend up to $15 million annually to buy incompatible properties in designated high accident-potential zones.

Chris Zarpas, vice president of S.L. Nusbaum Realty Co., was the sole broker in this transaction. Located just 50 yards from the new I-264/London Bridge Interchange and a planned light rail stop, Zarpas said the property is a highly strategic location for the city.

 Find us on 

Welcome To CoStar's
Industry-Focused,
Award-Winning News

Winner of three Journalism Awards from the National Association of Real Estate Editors (NAREE)

Award-Winning News