4525 South Blvd
Virginia Beach, VA 23452
Southport Centre · Office Property For Sale

Cushman & Wakefield | Thalhimer is pleased to exclusively offer for sale Southport Centre (“the Property”), a Class A, 62,330 square foot office building built in 1997 in Virginia Beach, VA. The Property is located in the Virginia Beach CBD submarket with close proximity to amenity-rich Virginia Beach Town Center and immediate access and visibility on I-264.
Built in 1997 with major capital deployed in 2021 including new HVAC and common area updates, and significant lease-up, the property is stabilized at 96.13% occupancy. The Property sits on 4.97 acres with an above market parking ratio of over 5.0/1,000 (308 parking spaces) in a professional parklike setting combined with interstate visibility. The five largest tenants comprising 79% of the GLA have a WALT of 5.6 years and were all leased or renewed post pandemic. Southport Centre has a weighted average rent lower than the overall Town Center submarket which currently has an overall vacancy rate of 6.2% and is the most in demand office submarket in the entire Hampton Roads MSA.
The recent capital expenditures, the strength of the submarket, the pandemic proof rent roll, and the weighted average lease term make this asset a unique acquisition opportunity.