Local developer buys Chesapeake Square Mall for $12.9M

CHESAPEAKE, Va. (WAVY) — A Virginia Beach based development company has bought Chesapeake Square Mall for $12.9 million.

Chesapeake Mayor Rick West announced the deal for Kotarides Holdings to buy the mall Thursday afternoon during his State of the City address.

The 717,282 square foot mall — built in 1989 — was listed for sale in August of 2017. This came a few months after it had been announced that three business would be opening locations at the mall.

Charles Einwick, director of finance for Kotarides, said the plan is to keep the property a shopping mall for the foreseeable future. “We were attracted to Chesapeake Square Mall for a number of reasons. We think it has a great location in Western Branch. It has excellent proximity to 664.”

Einwick says the mall is in good condition, but the company is planning upgrades and renovations in the near future, based on input from tenants and shoppers. He says the four anchor tenants – JCPenney, Target, Burlington and the Cinemark Cinemas all have leases in place and will remain.