Newport News shopping center sells for $5.6 million

The Newport Marketplace Shopping Center in Newport News has sold for $5.6 million, or about $45 per square foot.

According to Cushman & Wakefield | Thalhimer’s Capital Markets Group, which represented the seller,  the 125,441-square-foot center located on Chatham Drive was 69% leased at the time of the sale on May 14. The buyer was NW Marketplace LLC. Major tenants include grocery anchor Farm Fresh, and Michaels.

Catharine Spangler of Thalhimer’s Richmond office handled the transaction assisted by Joe Kennedy in Thalhimer’s Virginia Beach office. The sale was facilitated through the RealINSIGHT Marketplace auction platform which launched during the first quarter. 

In another  transaction in Hampton Roads, Cushman & Wakefield | Thalhimer represented Hilltop Copeland Strip LLC in the sale of Hilltop Square Shopping Center. The 91,563-square-foot center is located on First Colonial Road in Virginia Beach.

Buyer Pratt Street Capital acquired the asset on June 15. According to Thalhimer, the property was 92% leased and includes tenants such as Mattress Firm, Advance Auto, U.S. Post Office, UFC Gym, Wendy’s and Taco Bell.

Sharon Ryals-Taylor of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the seller.