Shannon Waltchack’s retail real estate fund SWNC I, LLC (the “Fund”) has added to its portfolio with the acquisition of Little Creek Marketplace, a five-building retail property located in Norfolk, Virginia. Little Creek represents the Fund’s 9th acquisition of service and necessity driven retail centers. With this acquisition Shannon Waltchack either directly or through its sponsored or managed investment vehicles, now owns 35 of these centers.
Little Creek Marketplace is a 49,161 SF center positioned at the dominant signalized intersection of major thoroughfares, Tidewater Drive and Little Creek Road. “We’re glad to join the greater Hampton Roads community,” said Joey Azar, Shannon Waltchack Managing Director of Investments. “Little Creek Marketplace is an important retail center to the surrounding neighborhoods and workforce as it is a primary provider of food and services for the area.”
The center is 97% occupied by a diverse group of tenants including national brands and local business owners such as Verizon Wireless, Navy Federal Credit Union, Applebee’s, Wing Stop, Fuddruckers and Cookies and Cakes of Virginia. Other service providers include Beltone, Leisure Dental, The UPS Store, Hair Cuttery and Great Clips.
Norfolk, VA is known for its Naval Station Norfolk, which employs over 60,000 active duty and civilian personnel, and the Joint Expeditionary Base that employs over 15,000 military and civilian personnel. Little Creek Road is the main artery connecting the bases and Little Creek Marketplace is positioned equidistant from the two. Tidewater Drive runs north and south, through the densely populated residential neighborhoods all the way from Chesapeake Bay to Downtown Norfolk.
SWNC I, LLC is focused on purchasing neighborhood centers in dense communities with ‘internet proof’ service tenants like restaurants, hair and nail salons, and medical service providers such as dentists, physical therapists and chiropractors. SWNC I, LLC is sponsored by Shannon Waltchack and has acquired 9 retail centers since it was launched in August of 2018. Fund properties are in the Birmingham, Atlanta, Orlando, Nashville, Tampa and Hampton Roads markets. Shannon Waltchack and its sponsored Funds are continually seeking to purchase additional properties in growing MSA’s in the Southeast, Mid-Atlanta and Mid-West Regions.
Read more about the deal in the Virginia Business Magazine.
“Little Creek Marketplace is an important retail center to the surrounding neighborhoods and workforce as it is a primary provider of food and services for the area.” - Joey Azar
