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VIRGINIA BEACH, VA-Two local shopping centers have joined the portfolio of Blackwood Capital LLC in a joint deal totaling $8.1. Both community retail centers, located in the Hampton Roads market, are grocery store-anchored properties that were built in the late 1980s. Advantis/GVA took charge of marketing the properties on behalf of the owners.

The 71,460-sf Kempsville Marketplace is a single story, strip mall-style destination occupying seven acres of land. As of June, it was nearly fully occupied with only about 1,800 sf of vacant space. Property seller Baxter Road Associates put a price tag of $6.5 million on the property, which is also currently assessed at $6.5 million. Salem Lakes Marketplace is a similarly designed shopping center occupying 6 acres of land, but is smaller in size at 44,000 sf. Salem Lakes Associates was the previous owner of the mini-mall, which carries a current assessed value of nearly $2.5 million and was listed for $2.6 million.

“Both properties were purchased by Blackwood to expand its real estate holdings in the Hampton Roads region,” says Matt Birdsall of Advantis. “These centers were sold at average capitalization rates for the Hampton Roads market. Retail has been fairly active in this region with new development and the turnover of ownership of existing centers.”

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