The buyer of Laburnum Station is in talks to buy another local shopping center in Eastern Henrico. Photo by Michael Thompson.
A Maryland firm has purchased its first Richmond area shopping center and has its sights set on another.
M. Leo Storch Management Corp. out of Baltimore last month bought Laburnum Station at 4420 S. Laburnum Ave., near the Shops at White Oak Village, for $5.29 million.
Bruce Levine, Storch’s director of commercial real estate, said the 60-year-old company has done most of its 600,000 square feet of residential and commercial development in Maryland and Delaware. It is now looking to tap into what it sees as growth in Richmond and Tidewater.
“We’re aggressively looking for acquisitions,” Levine said. “We’re very interested in other areas in the Tidewater, Richmond area. We see it as a good growth opportunity. There seems to be a lot going on.”
Laburnum Station is a 25,000-square-foot, two-building shopping center built in 2008. It was previously owned by an LLC with its principle office in Florida and was most recently assessed at $5.68 million, according to a Henrico County record.
“It seems to have a stable group of tenants that we’d like to improve upon,” Levine said. “It’s a well located sort-of convenience-oriented center that is in a strong retail market across from White Oak Village.”
Laburnum Station’s tenants include Sweet Frog, Jimmy John’s, Five Guys, Avail, and Mattress Discounters. It will be 100 percent occupied once Storch finalizes two leases for a service and a restaurant tenant who Levine could not name.
Late in 2015, Storch closed on a commercial property in Delaware, and now the company is in talks to acquire another Richmond commercial property in Eastern Henrico, Levine said.
“We do have one on the radar screen in Richmond,” he said.
In Western Henrico there is at least one retail strip up for grabs: the Lexington Commons Shopping Center that’s just east of Innsbrook on West Broad Street is scheduled to be auctioned in May.
Correction: This story previously listed the buyer as Leo M. Storch Management Corp. It is M. Leo Storch Management Corp. The correct square footage of the strip is 25,000 square feet.
The buyer of Laburnum Station is in talks to buy another local shopping center in Eastern Henrico. Photo by Michael Thompson.
A Maryland firm has purchased its first Richmond area shopping center and has its sights set on another.
M. Leo Storch Management Corp. out of Baltimore last month bought Laburnum Station at 4420 S. Laburnum Ave., near the Shops at White Oak Village, for $5.29 million.
Bruce Levine, Storch’s director of commercial real estate, said the 60-year-old company has done most of its 600,000 square feet of residential and commercial development in Maryland and Delaware. It is now looking to tap into what it sees as growth in Richmond and Tidewater.
“We’re aggressively looking for acquisitions,” Levine said. “We’re very interested in other areas in the Tidewater, Richmond area. We see it as a good growth opportunity. There seems to be a lot going on.”
Laburnum Station is a 25,000-square-foot, two-building shopping center built in 2008. It was previously owned by an LLC with its principle office in Florida and was most recently assessed at $5.68 million, according to a Henrico County record.
“It seems to have a stable group of tenants that we’d like to improve upon,” Levine said. “It’s a well located sort-of convenience-oriented center that is in a strong retail market across from White Oak Village.”
Laburnum Station’s tenants include Sweet Frog, Jimmy John’s, Five Guys, Avail, and Mattress Discounters. It will be 100 percent occupied once Storch finalizes two leases for a service and a restaurant tenant who Levine could not name.
Late in 2015, Storch closed on a commercial property in Delaware, and now the company is in talks to acquire another Richmond commercial property in Eastern Henrico, Levine said.
“We do have one on the radar screen in Richmond,” he said.
In Western Henrico there is at least one retail strip up for grabs: the Lexington Commons Shopping Center that’s just east of Innsbrook on West Broad Street is scheduled to be auctioned in May.
Correction: This story previously listed the buyer as Leo M. Storch Management Corp. It is M. Leo Storch Management Corp. The correct square footage of the strip is 25,000 square feet.