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VA Beach Retail Trades at $12M

VIRGINIA BEACH-Buyers and investors are thwarted from entering this beach resort because of high barriers to entry and few properties coming to market.

By Erika Morphy | Updated on March 17, 2008

VIRGINIA BEACH-Dam Neck Crossing, a 138,571-sf shopping center anchored by a Big K-Mart, has traded for $11.9 million. The seller was a private owner. The buyer was a privately held company that owns shopping centers nationally. Cohen and Co. Inc. Real Estate brokered the sale, with Vera Thomas, senior managing director of CCIRE representing the seller, and Helen Putterman, president of CCIRE, representing the purchaser.

Dam Neck Crossing was built in 1990. Besides K-Mart, there are also 35,000 sf of shop space with such national tenants as Curves for Women, Altel, H&R Block, Supercuts, Radio Shack and Quizno’s. The Big K-Mart is currently paying below market rent, Thomas says. “That is one reason why the buyer wanted it,” she tells GlobeSt.com. Meanwhile the shop rents have been steadily rising, to reach between $16.50 and $18.50 per sf. All together the shopping center is 98% occupied.

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