Posted by Virginia Business on 5/13/2016

Lingerfelt CommonWealth Realty Partners LLC has acquired Towne Place at Greenbrier, a retail center in Chesapeake, for $15.5 million.

Towne Place, which is described as a high-end lifestyle retail center, is 94.7 percent leased. Built in 2007, it has more than 20 retailers in 76,827 square feet of space.

“The Greenbrier retail submarket currently enjoys a vacancy rate of only 2 percent,” Ken Strickler of Glen Allen-based Lingerfelt CommonWealth, said in a statement. “Towne Place at Greenbrier has a wonderful mixture of quality regional and national retailers which serve the heavy concentration of apartments, single-family housing, hotels, and office buildings within walkable proximity to the center.”

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