print header

# 1 Commercial Real Estate Information Company

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

Wheeler Invests $85.7M for 888,000-SF JANAF Shopping Yard

American Heart Assn., McKinley Closes on 26-Bldg. Portfolio in Norfolk
January 30, 2018
Virginia Beach-based Wheeler Real Estate Investment Trust (NASDAQ:WHLR) purchased the 887,917-square-foot JANAF Shopping Yard at 5700-5970 E. Virginia Beach Blvd. and 1020-1160 N. Military Hwy. in Norfolk, VA from American Heart Association and McKinley, Inc., for $85.65 million, or approximately $96 per square foot.

JANAF, which stands for Joint Army Navy Air Force, opened in 1959 and remains the largest open-air shopping center in the region totaling 26 buildings.

Wheeler, a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing retail properties with a primary focus on grocery-anchored centers, is already planning extensive renovations and developments to the asset.

“We’d like to work with the City of Norfolk to run light rail through there. They’d like it to come from 264, down Military Highway, on to the airport,” Jon Wheeler said. “It’s a situation where we can coordinate and work with them. Also we’d like to have a hotel component, maybe another office building, some multifamily properties, but just as importantly, some additional retail out in the parking field.”

JANAF Shopping Yard was 94 percent occupied at the time of sale and anchored by BJ’s Wholesale Club, Marshall’s, T.J. Maxx and OfficeMax. Other tenants include Applebee’s, Dollar Tree, H&R Block, Foot Locker, Hooters, Woodcraft Supply and Liberty Tax Service.

Norfolk Economic Development Director Chuck Rigney said, “Having a local investor like Jon Wheeler and his company come in and really kind of step up and take the JANAF yard to its next stage of redevelopment is really exciting.”

Bill Kent and Ryan Sciullo of CBRE represented the sellers.

Please see CoStar COMPS #4114150 for more information on this transaction.
GET IN TOUCH        Contact CoStar News Team:   News@CoStar.com

 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