September 26, 2019 | Jessica Caron
SEPTEMBER 26, 2019 | THE PALOMAR GROUP
The Palomar Group is pleased to announce the sale of Olde Towne Marketplace, a 42,000 SF Food Lion anchored shopping center in Portsmouth, VA. Olde Towne was 100% occupied at the time of sale and sold to a private investor out of California. The Palomar Group took this deal out to market on behalf of the seller, a regional investor and shopping center owner who is continuing to look for assets to acquire throughout the Southeast. Food Lion was a strong performer here in a region where they have substantial market share. Food Lion anchored shopping centers continue to get substantial traction in the marketplace today thanks to their Ahold Delhaize credit of Baa1 and the nature of their real estate typically being more affordable than some of their competitors.