Purchase Part of Government-Funded Program Dedicated to Eliminating Encroachment on NAS Oceana
CoStar.com - November 16, 2011, By CoStar Research
The City of Virginia Beach recently paid $6 million to buy the London Bridge Commerce Center, an 18-acre mixed-used commercial property at 130 London Bridge Road in Virginia Beach.
The city acquired the property from the Seay Family LLC as part of a government funded program dedicated to eliminating encroachment on the naval air station at Oceana. The Navy has voiced concerns over the density of development around the base. As part of its ongoing efforts to keep the military air base in Virginia Beach, the city and the state agreed to spend up to $15 million annually to buy incompatible properties in designated high accident-potential zones.
Chris Zarpas, vice president of S.L. Nusbaum Realty Co., was the sole broker in this transaction. Located just 50 yards from the new I-264/London Bridge Interchange and a planned light rail stop, Zarpas said the property is a highly strategic location for the city.
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