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Chesterfield shopping center sold for $4.4M

Katie Demeria January 26, 2016 0

The Food Lion-anchored Irongate shopping center sold. Photos courtesy of NAI Eagle.

The Food Lion-anchored Irongate shopping center sold. Photos courtesy of NAI Eagle.

A grocery-anchored Chesterfield County shopping center has moved from one out-of-town owner to another.

Irongate Village Shopping Center at 6403 Iron Bridge Road was sold Jan. 14 to Maryland-based Pratt Street Capital for $4.43 million.

The former owner of the 57,800-square-foot property, YED Properties LLC, listed the shopping center last fall with NAI Eagle’s Peter Vick and Harrison Hall. It was listed in the upper $4 million range.

Vick said the listing received more than a few bites.

The Food Lion has been at Irongate since its development in 1985.

The Food Lion has been at Irongate since its development in 1985.

“We had it under contract a month after (putting it on the market),” Vick said. “We probably had 50 to 60 signed confidentiality agreements for it.”

Food Lion’s presence in the center was likely the top draw for interested buyers, Vick said, adding that there aren’t many grocery-anchored shopping centers currently on the market.

In addition to its 31,000-square-foot Food Lion, Irongate also sports an 8,450-square-foot Rite Aid, Beauty Supply, Belle Italia and Betty Brite Cleaners. It is currently 92 percent occupied, Vick said. NAI Eagle has handled its leasing activity for the past three years.

The grocery store has been in the shopping center since it was constructed in 1985 and recently renewed its lease, Vick said, though he did not specify for how long.

The seller was a private, out-of-town individual that Vick declined to identify. It was the right time for them to sell “for a variety of reasons,” he said.

County records show that YED Properties purchased Irongate in 2014 for $4.2 million.

Pratt Street Capital was represented in the deal by Connie Jordan Nielsen of Cushman & Wakefield | Thalhimer. Thalhimer will take over leasing the property.

It’s at least the second Richmond-area property owned by the Maryland firm. Pratt Street Capital purchased the 78,000-square-foot Glen Lea Shopping Center in Mechanicsville in 2013.

A representative with Pratt Street Capital could not be reached for comment. Nielsen did not return requests for comment by press time.

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