Coastal Equities Buys Newport News Retail Center from Harbor Group for $12.9M
- Feb 06, 2014
In a $12.9 million deal, Coastal Equities Real Estates has acquired Newport Crossing Shopping Center in Newport News from Harbor Group International L.L.C.
Located on a 22-acre parcel on Oriana Rd. in the city’s Denbigh area, Newport Crossing is a 194,000-square-foot grocery-anchored community center with 1,300 parking spaces. Norfolk-based Harbor Group recently renovated the property. Coastal Equities, also of Norfolk, was represented by Gil Neuman, a managing director with Bethesda, Md.-based Greysteel Co.
“The sellers recently added a long term leased state-of-the-art Riverside Health Systems facility and regional headquarters,” Neuman noted in a statement. “The purchasers acquired a well-entrenched center with high grocery sales, the post-recession ‘new normal’ of a solid medical co-anchor and the opportunity to add value through further leasing.”
Newport Crossing’s tenant roster also includes Food Lion, Dollar Tree, Citi Trends, USA Discounters, First Virginia Financial Services.
“Harbor Group is pleased to have added value and through Greysteel’s institutional sales process secured a quality purchaser,” said Jordan E. Slone, Chairman of Harbor Group International L.L.C. “We congratulate Coastal Equities on their acquisition and wish them further success.”
Photo credit: Harbor Group International LLC