FOR IMMEDIATE RELEASE
August 25, 2003
HARBOR GROUP INTERNATIONAL SELLS
NORTH CAROLINA SHOPPING CENTER
Harbor Group International (HGI) of Norfolk,
Virginia has sold the 110,800 square foot New Market Crossing
shopping center in Mount Airy, North Carolina. The
property was sold to Granite Development for a price of
$4.4 million. Rob Carter of Berkeley Capital Advisors
was the broker for the transaction.
The property was purchased in 1998 by HGI at a purchase price of $4,000,000. It
is currently 91% occupied.
“
While Harbor Group International continues
to be an aggressive acquirer, the company
regularly sells some of its properties in
order to ‘cash in some of its chips.’” Said
Jordan E. Slone, Harbor Group International
Chairman and CEO.
New Market Crossing, a regional strip shopping center on 13.5 acres,
was built in 1988. Anchored by Roses discount department store
and Lowes Food Store, the center takes advantage of its strategic location
off of U.S. Highway 52, the main corridor through Mount Airy.
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