Grocery anchored shopping center in Newport News sells for $12.8 million
Coastal Equities Real Estate has purchased the Newport Crossing Shopping Center in Newport News for $12.8 million. The 194,000-square-foot shopping center is located on Oriana Road, just off the busy Warwick and Denbigh Boulevard intersection.
According to The Greysteel Co. in Washington, D.C., which brokered the sale, the center is 80 percent occupied by a tenant mix including Food Lion, Dollar Tree, Citi Trends, USA Discounters, First Virginia Financial Services and Riverside Health System. The seller, Norfolk-based Harbor Group International LLC, recently added a long-term leased Riverside Health Systems facility and regional headquarters.
Greysteel’s retail division, led by Managing Director Gil Neuman, represented Harbor Group International and procured the buyer. “The purchasers acquired a well-entrenched center with high grocer sales, the post-recession ‘new normal’ of a solid medical co-anchor and the opportunity to add value through further leasing,” Neuman said in a statement.
Coastal Equities has offices in Weston, Fla., and Garden City, NY. It specializes in investment, development, syndication opportunities and management of retail shopping centers.