Transaction accounts for 106,000 square feet
NORFOLK, Va., Dec. 03, 2014—X Team International, an international alliance of retail real estate advisors with expertise in more than 45 major markets throughout the U.S. and Canada, announced that partner S.L. Nusbaum Realty Co., a Norfolk, Va.-based commercial real estate firm, completed the sale of The Shoppes at College Park. S.L. Nusbaum Realty Vice President-Regional Director Nathan Shor made the announcement.
Shor represented the seller, Farmville Partners, LLC, in the transaction. The property, located on S. Main Street in Farmville, Va., near Longwood and Hampden-Sydney colleges, was sold to a 1031 entity buyer for $8.75 million. The 106,000-square-foot shopping center features joint tenants such as Rite Aid, Dollar General, Goodwill, Advance Auto Parts and Buffalo Wild Wings.
“The potential for future growth and development with well-known national brands at The Shoppes at College Park is extremely favorable given its close proximity to two area colleges,” Shor said. “We are committed to negotiating fair deals for both the buyer and seller, and I am confident we have once again accomplished this goal.”
In the coming year, renovations will be taking place at The Shoppes at College Park, and a national tenant is expected to close a deal for a new 15,000-square-foot space.
For more information about S.L. Nusbaum Realty, please visit www.slnusbaum.com.
About X Team
X Team is an international alliance of retail real estate specialists with offices located in major cities throughout the U.S., Canada and Europe. X Team partners average more than 20 years of industry experience, with expertise in major markets worldwide, specializing in tenant, property and developer/landlord representation, workout services,property dispositions and retail investments. X Team services include transaction negotiation, portfolio analysis, lease valuations, acquisitions, and asset assessment and valuation. For more information, please visit www.xteam.net.
About Venture Commercial
Venture Commercial is recognized as a leader in retail brokerage services throughout Texas for its dedication to each client’s success. The company’s full-service real estate platform includes landlord and tenant representation, property management, land sales, and income property sales. As the D-FW partner of X Team International, Venture is able to serve its clients on a national scale. For more information visit www.venturedfw.com.
CONTACT: Erin Sabo