FOR IMMEDIATE RELEASE
October 9, 2003
HARBOR GROUP INTERNATIONAL SELLS SHOPPING CENTER/WAREHOUSE
PROPERTY IN VIRGINIA
 Harbor
Group International (HGI) of Norfolk, Virginia has sold
the 85,000 square foot Witchduck Exhange shopping center
in Virginia Beach, Virginia. The property was sold to a
private Charlottesville investor for a price of $3,750,000.
Scott Adams of CB Richard Ellis was the broker for the
transaction.
The property was purchased in 1997 by HGI at a purchase
price of $2,400,000. It is currently 93% 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.
Witchduck Exchange was built between 1977 and 1984. The
property consists of 40,215 square feet of retail space
and 41,355 square feet of office/warehouse space. Major
tenants include Great Atlantic Spas, Lawn Master of Virginia,
and Window World.
###
|
