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Colliers International Closes on Sale of Elkton Plaza for $5 Million

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ELKTON, Va. – July 2020 – Colliers International’s Virginia Retail Investment Team represented the seller, an affiliate of Kodiak Properties, LLC, in the sale of Elkton Plaza in Elkton, Va. to Elkton Plaza LLC for $5 million.

The 90,943-square-foot community shopping center was built in 1985 and is anchored by a top producing Food Lion and Walgreens. The center is the only true shopping and grocery destination within an expansive trade area of more than 20 miles. It is located near Harrisonburg on Rt. 33 at the signalized intersection with Rockingham Pike.

The center is 82% leased and offers substantial upside potential to the new owners for in-line leases and rent growth.

“We have been pleased to own Elkton Shopping Center for 13 years and are confident that the new owners will continue to operate the center at a high level,” said Scott Spector with Kodiak Properties.

The Colliers Virginia Retail Investment Team of Jeff Fritz, CCIM, CPM, vice president, and Jay O’Donnell, vice president, with Colliers International’s Norfolk and Charlottesville offices represented the seller.

About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.

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Jay ODonnell

First Vice President

Charlottesville

Jay O'Donnell joined the firm's Charlottesville office  as Vice President of Brokerage Services in 2015 and was promoted to First Vice President in 2020. As a member of the Colliers Retail Investement Property Group, Jay focuses on advising private and institutional investors in the dispostion and acquisition  of retail assets throughout the mid-atlantic. Jay also performs occupier and agency services as well as user and investment sales in Charlottesville and central Virginia.

His previous position was with CBRE in their Washington, DC office where Jay was responsible for over 1 million square feet of existing inventory as well as product under development in the district, suburban Maryland and Northern Virginia. His responsibilities included tenant generation and prospecting, business developement, multiple market analysis, landlord services and lease and sale negotiations before focusing on capital markets and joining the CBRE Mid-Atlantic Investment Team.  

Prior to his career in commercial real estate, Jay worked for a sports production firm in Winchester, VA. He graduated from the University of Virginia with a degree in Economics.

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Jeff Fritz

Vice President

Norfolk - Main

Jeff Fritz is a Vice President and a plaform leader of Colliers Retail Investment Property Group. In this capacity, he is responsible for supervising and directing retail investment sales activities. Jeff also works to advise private and institutional investors on the acquisition and disposition of retail assets throughout the Mid-Atlantic. Prior to joining Colliers, Jeff had 13 years of commercial real estate experience in development, asset management and real estate management primarily focused on retail properties. Through his prior experience, Jeff developed a thorough understanding of retail property financials, construction, development, leasing, and operations which serve his investment property practice well.

Jeff is actively involved in ICSC as well as being a member of the Hampton Roads Association of Commercial Real Estate (HRACRE) and the CCIM Institute.

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