Monday, October 2, 2023

Virginia Beach developer buys $1.08M building at Peninsula Town Center

Prayosha Hampton Retail LLC bought the roughly 6,000-square-foot space at Peninsula Town Center in Hampton earlier this month. And the developer plans to complete construction by mid-August.

“Construction actually started last week,” said Rob Wright, senior vice president of Cushman & Wakefield|Thalhimer and broker for Prayosha Hampton Retail LLC.

The developer, based in Virginia Beach, plans on using the space at 2033 Coliseum Drive for retail. The developer already has two tenants picked out, Wright said, adding the sale price was $1.08 million.

Wright said two national restaurant groups will be moving in but declined to name the two tenants.

The Virginia Beach developer may have multiple LLCs and according to court documents, one of its sister companies was involved in opening a Fuddruckers in Norfolk.

It’s unclear what else the company is involved with in the Hampton Roads area.

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