Deep Creek Shops – SOLD

Location:

2981 S. Military Highway, Chesapeake, Virginia, 23323

Description:

Deep Creek Shops was sold as part of our disposition strategy for the property. The site was sold to a national pharmacy chain for the development of a free-standing pharmacy store.

The Deep Creek Shops project was a re-development project in the Deep Creek Section of Chesapeake, Virginia. The 24,000 square feet retail location had been neglected and passively managed for years. Based on the need for quality retail locations in the Deep Creek Section and the premier corner site location we purchased the property and performed a complete renovation of the property.

With the phasing of construction during the renovations we were able to retain several existing tenants and attract new tenants to the development during renovations. The successful renovation of the site allowed for it to be chosen as a district office of the Census Bureau and the 2010 Census.

In 2011 Ashby Development was approach by another development group with an offer to purchase the Deep Creek Shops for the construction of national retail location which would require the existing building to be demolished.
Market timing and selective site review allowed Ashby Development to identity an underused corner retail location, re-develop the existing structure, and then dispose of the project which provided for a new and updated infill retail development adding value to the neighborhood and providing increase property values.