"Originally, when the center was developed, the large boxes were fully leased," said Aeri Jai, an associate broker with Virginia Beach-based Divaris Real Estate now leasing and marketing the retail center.
, who's been responsible for leasing the center for about two years, said the newer centers and a lack of Jefferson Avenue frontage have made it difficult to fill up Newport Marketplace.
"The development of newer retail centers with greater visibility on Jefferson Avenue has given neighboring centers some competition," Jai
said overall the retail market is gaining steam, and the Peninsula is set to grow over the coming months.
"Based on the leasing activity at Marketplace at Tech Center
, retail leasing activity is strong on the Peninsula," Jai
"Lease rates depend on the location of these shopping centers, and if the location makes it viable for continued retail growth."
Marketplace at Tech Center
, a new development under construction at the corner of Jefferson Avenue and Oyster Point Road in Newport News, is 90 percent pre-leased, with its first tenants set to occupy some stores by July.
Meanwhile, things could be looking up at Newport Marketplace.
A potential tenant could soon occupy the remaining 35,000 square feet of space in the retail center, Jai
"We're not at a point to disclose any information at this time," Jai
said of the potential tenant.