Eastern Union Funding arranges acquisition financing for a 354,804 s/f shopping center
Hampton, VA — Commercial mortgage brokerage Eastern Union Funding has arranged acquisition financing for Newmarket South, a three-building shopping center at the well-traveled intersection of Mercury Boulevard and Jefferson Ave. in Hampton. Eastern Union’s Marc Tropp, Barry Dollman and Shai Romirowsky represented the borrowing entity, comprising America’s Realty LLC and private equity investors from New York and Florida, in the $11 million purchase of the 354,804 s/f retail property located at 5015-5201 W. Mercury Blvd. Situated on 33 acres, the center is anchored by Food Lion, Haynes Furniture and The Dump, a discount furniture outlet. Pikesville, MD-based America’s Realty owns more than 120 shopping centers throughout the United States, and manages an additional 80 retail centers.
“With 40 years in the grocery and retail industry, and having successfully repositioned hundreds of retail centers, ownership sees significant potential in Newmarket South,” said Tropp, a senior managing director with Eastern Union. “It looks to make improvements to the building façades and parking lot, as well as lease up the remaining 76,278 square feet in vacancies.”Eric Robison, Mike Early and Joe Kennedy of Cushman & Wakefield | Thalhimer’s Capital Markets Group in Richmond, VA, along with Sharon Ryals-Taylor in the Virginia Beach office, represented the seller in the transaction.