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

Colliers International’s Retail Investment Group represented the seller, Kodiak Properties, LLC, in the sale of Elkton Plaza in Elkin, Va. to Elkin Plaza LLC for $5 million. 

The 90,943-square-foot community shopping center was built in 1985 and is anchored by 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 on Rt. 33 at the signalized intersection with Rockingham Pike. 

The center is 82% leased and offers substantial potential for the new owners for in-line leases as well as outparcel development. 

Jeff Fritz, CCIM, CPM, vice president, and Jay O’Donnell, vice president, with Colliers International’s Norfolk and Charlottesville offices represented the seller.
 

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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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Jay ODonnell

First Vice President

Charlottesville

Jay O'Donnell is a First Vice President in the firm's Charlottesville, VA office. As a platform leader of the Colliers Retail Investment Property Group, Jay is an expert in advising private and institutional investors in the disposition and acquisition of retail assets throughout the mid-atlantic. Along with partner, Jeff Fritz, the team has sold over $400mm in assets over the last five years. 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 development, 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 and enjoys being back in Charlottesville where he is an active member of the community.

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