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NORFOLK, VA-In a $1.9 million deal, Wolf Contractors has acquired the Pavilion Shopping Center from investors represented by CMI Inc. The 16,000-sf property sold for nearly $119 per sf. At the time of the transaction, the mini-mall--which is anchored by Hampton Public Library's Northampton Branch Library--was 100% occupied with the bulk of the tenants holding space under long-term lease agreements.

A single-level, L-shaped building, Pavilion was developed 15 years ago on a nearly two-acre parcel near the I-64/I-664 interchange. According to the Hampton Department of Economic Development, the retail destination has a cumulative daily traffic count of just over 30,000.

Kevin Curran of CB Richard Ellis represented Wolf. "The center is well positioned because the corridor is fully developed and unlikely to see additional retail competition," he notes. "This type of retail investment product, under $5 million with some upside potential, is in considerable demand and should continue to perform well."