Blackwood Takes Two Malls for $8M

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.