Victory Crossing Up and Running by Fall

PORTSMOUTH, VA-With anchors Super Kmart and Lowe’s scheduled to complete construction this summer and shadow retailing space due to finish construction in September, Victory Crossing shopping center complex will soon be open for business. The Portsmouth Redevelopment and Housing Authority purchased the 50-acre property, which was home to the former Tower Mall at the Victory Blvd. and I-264 corridor, in December 2000 for $6 million in order to redevelop the property into the 300,000-sf Victory Crossing.

Lowe’s will occupy 14 acres and Kmart will sit on 12 acres. The shadow retailing area accounts for 72,800 sf and A.J. Wright, with 25,000 sf of space, will be the anchor retailer of that section. As for the remaining retail space, “it will be only another 30 to 45 days before I start my construction, and the space is already 84% leased,” Victory Crossing Partner David Freidman shares with GlobeSt.com. “I’m committing to September turnovers of space, although I think I’ll be finished before then.” He currently has 11 tenants signed on and plans to get about four or five more retailers into the remaining space. “I could be fully leased in the next 60-75 days,” he says. Shoe City and One Price Clothing will each have 6,000-sf stores in the complex. Leasing prices, he adds, “range from the mid-to high-teens per-sf.”