BIVI/Padel Acquires Former Beach Cinema Alehouse In Virginia Beach For $6.3M
941 Laskin Road
$6,300,000
Building Size
—
Asset Type
Retail
Closing
Apr 14, 2026
About this deal
AI
The property asset involved in this transaction is a retail space located at 941 Laskin Road, Virginia Beach, VA. The transaction occurred on April 14, 2026, with a sale price of $6,300,000. The buyer, BIVI/Padel, intends to convert the former Beach Cinema Alehouse into an indoor padel club named the Padel Foundry, along with a social "third space" set to open in early 2027.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $6,300,000
- Buyer: BIVI/Padel
- Sellers: Not specified
- Brokers: Gerald Divaris, Sezin Cortinas & Levi Thomson - Divaris Real Estate
The deal's key individuals include Gerald Divaris, Sezin Cortinas, and Levi Thomson, who represented the brokerage firm Divaris Real Estate in the transaction. Their involvement highlights the collaborative effort of experienced professionals in managing the acquisition of this retail property for the intended development.
On the Map
$6,300,000
Retail
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Players
Virginia Beach Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.52%
Cash-on-Cash
-0.72%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93