Industries Commercial Real Estate

Hupps Mill Plaza Shopping Center in South Boston sells for $3.9 million

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The Hupps Mill Plaza Shopping Center in South Boston has sold for $3.9 million, or about $22.50 per square foot.

According to Cushman & Wakefield | Thalhimer’s Capital Markets Group, which represented the seller in the transaction, the 173,351-square-foot, center at 2219 Wilborn Ave. was 77 percent leased.

The center is anchored by Belk, Goody’s and regional grocer Shoppers Value Foods.  The buyer was Hupps Mill Plaza Associates LLC, which acquired the property on July 26 in an online auction. The 17-acre center was assessed at $7.1 million.

Catharine Spangler of Cushman & Wakefield | Thalhimer’s Richmond, office, assisted by Joe Kennedy in Thalhimer’s Virginia Beach office, handled sale negotiations. Bethesda, Md.-based Eastern Union Funding arranged a $3.3 million acquisition loan for the center. 

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