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Virginia, California Investors Trade $5M for Gloucester Grocery-Anchored Center
SRS Real Estate Partners has completed the $49-million off-market sale of Walter Reed Plaza, a 52,164-square-foot neighborhood retail center located on Hargett Boulevard in Gloucester, VA.
The 1998-constructed property is situated on approximately 6.5 acres and is anchored by Food Lion.
Ed Laycox of SRS Real Estate Partners represented the seller, VA-based private investor, and sourced the buyer, a CA-based private investor who was in a 1031 exchange. The closing cap rate was 7.5%.
“I had previously closed on another sale with the buyer who owns other similar assets in Virginia and liked this property because of its proximity to Hampton Roads and Virginia Beach, as well as the strength of the grocery anchor that has had very strong historical sales,” said Laycox.
- ◦Sale/Acquisition
