NORFOLK, Va. (WVEC) -- The JANAF Shopping Yard has a new owner.
Virginia Beach-based Wheeler Real Estate Trust paid just over $85 million for the Norfolk shopping center. Wheeler specializes in creating grocery-anchored shopping centers.
JANAF Shopping Yard was one of the first large suburban shopping centers in the United States when it opened to the public in 1959, and it remains the largest open-air shopping center in the region.
The property’s original investment group was composed of retired and active-duty military personnel who aptly named the center JANAF, an acronym for "Joint Army Navy Air Force."
The shopping center is located at the intersection of Military Highway and Virginia Beach Boulevard in Norfolk.
We're still waiting to hear what changes -- if any -- will come to JANAF.