Kodiak Properties LLC sold its shopping center to Elkton Plaza LLC for $5 million, according to a release from real estate and investment firm Colliers International.
The deal for the more than 10 acre property, located off U.S. 33, was recorded by the Rockingham County courts on Monday, according to court documents.
“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 of Kodiak Properties in the release.
A representative of the buying company, Elkton Plaza LLC, could not be reached Thursday.
The shopping center is nearly 91,000-square feet and is over 80% occupied by businesses, with Food Lion and Walgreens as anchor shops, according to information provided by Colliers International. The plaza was built in 1985.
Grantors of the property included Delaware-based Sunrise Properties I Inc. and Virginia-based Elkton Asset LLC, Trader Road LLC, Alon LLC, N.F. Tilden LLC and Charlottemax LLC, who are all affiliates of Bethesda, Md.-based Kodiak Properties, according to court documents.
Elkton town manager Greg Lunsford and staff of the town’s economic and community development office could not be reached Thursday.