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Newport News Retail Trades for $80M

NEWPORT NEWS, VA-The new owners will have little difficulty leasing up the remaining open space as the retail market here is very tight.

By Erika Morphy | Updated on March 04, 2008

NEWPORT NEWS, VA-A 306,249-sf shopping center here has traded for $79.6 million. Called Jefferson Commons, the class A facility was acquired by Inland Western Retail Real Estate Trust from an affiliate of the Goodman Co., which developed the property in 2005.

Casey Rosen and Dennis Carson, both SVPs at CB Richard Ellis, together with Debra Ramey of the Shopping Center Group, represented the seller. Located at the intersection of Jefferson Avenue and Bland Boulevard, Jefferson Commons is part of the Patrick Henry Mall concentration of retail, Rosen tells GlobeSt.com. “There are a large number of shopping centers located around Jefferson Avenue, which runs north-south through Newport News.” He calls the strip the city’s retail corridor.

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