Realty Income Corporation has purchased a 15,000-square-foot retail property in Newport News, Virginia from McNeel Properties for $5.45 million, or about $364 per square foot.
The single-story retail building at 13130 Jefferson Ave is fully leased to Caliber Collision, an auto repair company. The transaction, which closed as an off-market deal, represents a 6.3% capitalization rate based on the estimated 2025 net operating income of $343,636.
McNeel Properties, the seller, specializes in developing Caliber Collision locations and other retail properties across nine states in the Mid-Atlantic and Southeast regions. The company has developed over 50 projects since its founding 17 years ago.
The buyer, Realty Income Corporation, also known as The Monthly Dividend Company, is a publicly traded REIT listed on the New York Stock Exchange. As of mid-2025, the company owned or held interests in over 15,600 commercial properties totaling approximately 346 million square feet across the United States and Europe, with a portfolio occupancy rate of 98.6%.