Newmarket South Shopping Center in Newport News sells for $11 million
Newmarket South Shopping Center in Newport News, a 354,804-square-foot center, has sold for $11 million. The buyer of the center, located at the intersection of Mercury Boulevard and Jefferson Avenue, is America’s Realty LLC.
According to Cushman & Wakefield | Thalhimer’s Capital Markets Group, which represented the seller in the transaction, the property was 77% occupied at the time of the acquisition on Oct. 14.
While anchored by Food Lion and The Dump, the center’s 30 tenants also include SunTrust, Popeyes, USPS, Rent-A-Center, H&R Block and Rainbow Shoppes.
Eric Robison, Mike Early and Joe Kennedy of Thalhimer’s Capital Markets Group in Richmond along with Sharon Ryals-Taylor in Thalhimer’s Virginia Beach office, completed the sale. Ryals-Taylor was the exclusive leasing representative for the property.
Eastern Union Funding's Marc Tropp, Barry Dollman and Shai Romirowsky arranged acquisition financing for the borrower.