Medipower (Overseas) Public Co. Ltd. Acquires Food Lion-Anchored Stoneybrook Shopping Center in Newport News

NEWPORT NEWS, Va. — Medipower (Overseas) Public Co. Ltd. has acquired Stoneybrook Shopping Center, a 74,340-square-foot grocery-anchored community shopping center located at 15435 Warwick Boulevard in Newport News, Virginia, the firm announced Sept. 11.

The property is 97.31% leased and anchored by a Food Lion grocery store, which recently executed a long-term lease extension at the location. Additional tenants include AutoZone, Stoneybrook Physicians, Little Lighthouse Care, and Corridor Salon Suites — a mix the firm characterizes as providing essential daily-needs services to the surrounding community.

Asset Profile and Location

Stoneybrook Shopping Center sits along Warwick Boulevard, designated U.S. Route 60, which carries approximately 22,000 vehicles per day. The center also benefits from the newly completed Atkinson Way extension, a road project that connects Jefferson Avenue and Warwick Boulevard, improving east-west access to the property and expanding its trade area reach.

The Newport News retail submarket, part of the broader Hampton Roads region, recorded a vacancy rate of 3.4% in early 2026, with average triple-net asking rents around $15.25 per square foot annually. Against that backdrop, Stoneybrook's 97.31% occupancy rate positions it well above the submarket average.

A prior transaction at the property — a December 2021 off-market sale reported at $7 million for a roughly 75,000-square-foot Food Lion-anchored center at the same location — provides a historical reference point for the asset.

Medipower's Strategy and Virginia Expansion

The acquisition represents Medipower's second purchase in Virginia in 2026, according to the firm. Ron Stern, CEO of Medipower, commented on the deal in the announcement.

"We are excited to add Stoneybrook Shopping Center to our growing portfolio of high-quality, grocery-anchored retail assets," Stern said. "Stoneybrook represents a compelling investment opportunity backed by an exceptional, top-performing Food Lion anchor with long-term lease commitment, strong essential daily-needs tenancy, and stable cash flows. This property marks our second acquisition in Virginia this year and aligns perfectly with our disciplined acquisition strategy focused on well-located, recession-resilient commercial real estate with embedded value-add potential."

Medipower specializes in grocery-anchored and necessity-based retail properties and has assembled a portfolio of approximately 3 million square feet of retail, all grocery-anchored. In April 2026, the firm announced the acquisition of a seven-property grocery-anchored portfolio totaling 560,000 square feet along the East Coast.

Grocery-Anchored Retail Market Context

The Stoneybrook acquisition comes amid renewed investor demand for necessity-based retail assets. Grocery-anchored neighborhood centers in gateway markets have been trading at cap rates around 5.7%, while values for strip centers rose approximately 4% in 2025, recovering to within 7% of their 2022 peak.

Hampton Roads retail fundamentals have tightened in recent quarters. Newport News retail inventory stands at roughly 8.47 to 8.51 million square feet, with vacancy ranging between 3.4% and 3.6% and average NNN rents between approximately $14.83 and $15.25 per square foot. The combination of compressed vacancy and rising rents supports valuations for stabilized, grocery-anchored centers in the submarket.

Medipower has classified the Stoneybrook acquisition as a value-add investment, suggesting the firm sees potential to grow income beyond the property's current stabilized position.

Sources

Medipower Group — Medipower Acquires Stoneybrook Shopping Center in Newport News, VA