Norton Commons Shopping Center sells for $6.9 million
An 81,297-square-foot retail property in Norton, the Norton Commons Shopping Center, has sold for $6.9 million to Rivercrest Realty Associates Inc., a Raleigh, N.C.-based private investor.
Alex Divaris and Jason Oliver of Divaris Real Estate’s Investment Sales Group represented the seller, General Electric Credit Equities Inc., in the transaction.
Anchored by Burke’s Outlet and close to a Wal-Mart Supercenter, Norton Commons was 98 percent occupied at the time of the sale, according to Divaris.
“The buyer was attracted to this asset’s strong, stable tenancy and premium position within a market in which they were comfortable,” Alex Divaris said in a statement.
Rivercrest Realty currently owns more than 4.3 million square feet of retail in the eastern U.S.
Divaris Real Estate Inc. is headquartered in Virginia Beach and has offices in Norfolk, Newport News, Richmond, Charlotte, N.C., and Rockville, Md.