Best Buy Takes 31,000-SF Chunk of Wal-Mart Space

CHESAPEAKE, VA-A new Best Buy locale is scheduled to open at the Crossroads Shopping Center now that Minnesota-based parent company Best Buy Stores LP has decided to lease 31,000 sf of a space that had been used by a Wal-Mart store. The specialty electronics and appliances retailer will occupy only about one-fifth of the 116,000-sf segment that formerly housed the Wal-Mart store, Wal-Mart Realty’s Sam Harper tells GlobeSt.com.

Located on Portsmouth Blvd. across from the Chesapeake Square Mall, Crossroads Shopping Center is also home to such retailers as TJ Maxx and S&K Menswear. Divaris Real Estate Inc.’s Gerald S. Divaris and Mary McGovern represented Best Buy Stores LP in the transaction, while Wal-Mart Realty represented itself. Terms of the transaction have not been disclosed, but McGovern tells GlobeSt.com that retail space in the Chesapeake area leases for about $12 to $16 per sf, depending on the location and product.