50,000-SF Shopping Center Finds New Owner

HAMPTON, VA-Ownership of Coliseum Corner, the 50,000-sf retail destination formerly known as Emporium Shops, has changed hands in a recent deal between seller Crown Life Insurance Co. and buyer Ziff Properties Inc. Financial details of the transaction have not yet been made available, but the property has a 2003 assessed value of $2 million, and was last sold in 1989 for $4.3 million. The 17-year-old, single-story strip mall underwent a quarter-million-dollar renovation about two years ago, as well.

Located on a three-acre parcel at 2165 Cunningham Dr. off I-64, the former Emporium Shops evolved into Coliseum Corner when tenant Rugged Warehouse took over the strip mall’s 22,000-sf anchor spot from former anchor Drug Emporium. Leasing activity at the property had been handled by Divaris, which also represented Crown Life in the sale. At the time of the transaction, Coliseum Center was 75% leased and space was being marketed for $10 to $13 per sf.