"Harbor Group International's strategy is to optimize its returns by periodically selling properties," company chairman and CEO Jordan E. Slone explains. Harbor made a little over $5 million in its sale of the Virginia Beach, VA Tivoli Apartments to Artcraft Tivoli LLC. Harbor nearly doubled its investment, having acquired the 12-building, 140-unit residential complex in 1993 for $2.75 million.
The other property that changed hands is the Woodlawn Village shopping center in Fredericksburg, VA, which commanded nearly $3.2 million from an undisclosed buyer. Woodlawn is anchored by grocery store Food Lion on a long-term lease. The shopping center was developed in 1986 and was 99% leased at the time of the sale.
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