Mixed-Use Tech Center
For Sale
Contact for pricing
12080 Jefferson Ave, Newport News, VA 23606
Sprawling retail and office campus with major national tenants, anchored by Whole Foods, within a tech-focused development.
Property Size230,000 SF
Lot Size100.00 Acres
Days on Market139
Property Features for 12080 Jefferson Ave
General Information
Standard status
Active
Size
230,000 SF
Lot size
100.00 Acres
Property subtype
Retail
Lease Term
NNN
Building Details
Building Size
230,000 SF
Tenancy
Multi
Properties For Sale
at 12080 Jefferson Ave Contact usUnit 17
Size
1,300 SF
Type
Power Center
Term
Negotiable
Unit 25
Size
1,142 SF
Type
Power Center
Term
Negotiable
Unit 31
Size
1,446 SF
Type
Power Center
Term
Negotiable
Unit 32
Size
1,448 SF
Type
Power Center
Term
Negotiable
Unit 33
Size
2,150 SF
Type
Power Center
Term
Negotiable
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Listing Agency:
Divaris Real Estate - Hampton Roads
Listed By:
Elizabeth Napolitano
(757) 333-4331
Source:
Divaris
Added: Jun 2
Changed: Oct 16
Last Checked: Oct 16 at 7:33AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Divaris Real Estate - Hampton Roads
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Investment Insights
Based on property information with market context.
Marketplace at Tech Center is a mixed-use, retail-forward development set within a larger technology and research campus. The plan combines new, state-of-the-art office buildings with retail and residential components, creating a live-work environment designed for everyday convenience. The broader Tech Center also includes an expansion tied to the existing corporate research facility adjacent to the Thomas Jefferson National Accelerator Facility.
The development spans 100 acres and is described as being adjacent to the accelerator facility. Partnership efforts involving the City of Newport News, Virginia Tech, and Jefferson Labs are intended to support additional research-oriented expansion alongside the existing center.
For tenants and operators seeking a high-visibility retail and amenities environment, Marketplace at Tech Center offers a tenant mix built around daily needs and lifestyle traffic. Current retailers include Whole Foods, DSW, ULTA, P.F. Chang’s, Jos. A. Banks, Athleta, HomeSense, Five Below, BJ’s Brewhouse, Sleep Number, First Watch, Mellow Mushroom, and others. Surrounding retailers called out in the remarks include Best Buy, Barnes & Noble, Macy’s, Dillard’s, JCPenney, Dick’s Sporting Goods, Bed Bath & Beyond, Costco, World Market, The Fresh Market, PetSmart, and Target, supporting a broad draw across shopping and dining categories.
The development spans 100 acres and is described as being adjacent to the accelerator facility. Partnership efforts involving the City of Newport News, Virginia Tech, and Jefferson Labs are intended to support additional research-oriented expansion alongside the existing center.
For tenants and operators seeking a high-visibility retail and amenities environment, Marketplace at Tech Center offers a tenant mix built around daily needs and lifestyle traffic. Current retailers include Whole Foods, DSW, ULTA, P.F. Chang’s, Jos. A. Banks, Athleta, HomeSense, Five Below, BJ’s Brewhouse, Sleep Number, First Watch, Mellow Mushroom, and others. Surrounding retailers called out in the remarks include Best Buy, Barnes & Noble, Macy’s, Dillard’s, JCPenney, Dick’s Sporting Goods, Bed Bath & Beyond, Costco, World Market, The Fresh Market, PetSmart, and Target, supporting a broad draw across shopping and dining categories.
Key Highlights
- $250 million Tech Center development on 100 acres, combining retail, residential, commercial, and a technology/research center.
- Adjacent to the Thomas Jefferson National Accelerator Facility, with a partnership including City of Newport News, Virginia Tech, and Jefferson Labs.
- Planned addition of 600,000 sq ft to the existing corporate research center next to the site.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$1,936,231
Suggested Prices Based on Cap Rates
Cap Rate 5%
$38,724,620
$38.7M
Cap Rate 7%
$27,660,443
$27.7M
Cap Rate 9%
$21,513,678
$21.5M
Market Conditions
NOI Build-Up for 230,000 SF
Gross rent
$2.84M $12.36/SF
− Vacancy
−$76.8K −$0.33/SF
EGI
$2.77M $12.03/SF
− OpEx
−$829.8K −$3.61/SF
NOI
$1.94M $8.42/SF
Area
Newport News, VA
Vacancy
2.70%
Lease Rate
$12.36 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$38,724,620
Cap Rate 7%
$27,660,443
Cap Rate 9%
$21,513,678
Alternative Uses
Best Use
Mixed Use
$34.01M
$29.76M – $39.68M
NOI $2,380,500 @ 7.0% cap · market cap 8,208,620.69%
Second Best
Retail
$27.66M
$24.20M – $32.27M
NOI $1,936,231 @ 7.0% cap · market cap 6,676,658.62%
Theoretical Best
Office A
$48.85M
$42.74M – $56.99M
NOI $3,419,309 @ 7.0% cap · market cap 11,790,720.69%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
573
Businesses Nearby
Explore this area
Business Placement
Demographics for 23606, VA
31,684
Population
13,186
Households
2.4
Avg Household Size
33
Median Age
38%
College-Educated
94%
High-School Grad
9.7 sq mi
ZIP Area
3,266
Density / Sq Mi
$69,921
Median Household Income
$38,647
Median Earnings
$1,327
Median Rent
$296,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Sprawling retail and office campus with major national tenants, anchored by Whole Foods, within a tech-focused development.
Where is this mixed-use property located?
The property is located at 12080 Jefferson Ave Newport News, VA.
What are key features of this property?
This property features: $250 million Tech Center development on 100 acres, combining retail, residential, commercial, and a technology/research center.; Adjacent to the Thomas Jefferson National Accelerator Facility, with a partnership including City of Newport News, Virginia Tech, and Jefferson Labs.; Planned addition of 600,000 sq ft to the existing corporate research center next to the site.
