NEWPORT NEWS, VA-Harbor Group International has sold a grocery-anchored shopping center here for $12.8 million. The buyer is Coastal Equities Real Estate. Gil Neuman at Greysteel Co. brokered the sale of the property, which is located at 419 and 439-467 Orlana Rd.
The 194,000-square foot retail center was recently renovated and is currently 80% occupied by Food Lion, Dollar Tree, Citi Trends, USA Discounters, First Virginia Services and more recently, Riverside Health System.
Such tenants—that is, medical or health-care related--are the future for retail, or at least part of retail's future. Increasingly, retail centers are closing up vacancies by leasing space to non-traditional retailers such as urgent care facilities, medical or dental practices and schools and sporting venues. In a prepared statement, Newman called it the "new normal" for post-recession retail.
Hampton Roads, however, did not suffer too greatly from the recession, according to The Brooking Institute ranking the submarket's economy the nation's second best throughout the recession.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
