FOR IMMEDIATE RELEASE
November 17, 2002
HARBOR GROUP INTERNATIONAL SELLS
VIRGINIA SHOPPING CENTER
Harbor Group International (HGI) of Norfolk,
Virginia has sold the 54,144 square foot Woodlawn Village
shopping center in Fredericksburg, Virginia. The property,
which includes an additional outparcel, was sold to undisclosed
buyer for a price of $3,171,400.
Insignia/ESG served as the broker for the sale.
The property was purchased in April of 1998 by HGI from Mid-Atlantic
Limited Partnership at a purchase price of $2,375,000. It is currently
99% occupied.
“
While Harbor Group International continues to be
an aggressive acquirer, the company regularly sells
some of its properties in order to ‘cash in
come of its chips.’” Said Jordan E. Slone,
Harbor Group International Chairman and CEO, “Woodlawn
Village consistently brought good returns to our
investors.”
Harbor Group International has sold eight properties for a total of $53.2
million thus far in 2002.
The property, situated on 6.18 acres, is located in suburban Fredericksburg,
Virginia, and features convenient access to interstate 95, a major north-south
artery. It was built in 1986 and is anchored by a Food Lion on
a long-term lease.
Other tenants include Dollar General, Little Caesar’s Pizza, and
Roberts Karate.
Harbor Group International currently owns nearly of $800 million worth
of properties in 15 states in the United States as well as three different
countries. For more information, visit Harbor Group International’s
website at www.harborgroupint.com
###
|
