An aerial view of the recently purchased Village Commons shopping center and two adjacent parcels of land for sale in South Chesterfield. (Courtesy of Chesterfield Commercial Realty)
A Northern Virginia real estate company in December acquired a Food Lion-anchored shopping center in South Chesterfield.
Arlington-based Hoda Investments LLC bought the 22,750-sqaure-foot Village Commons shopping center for $1.2 million. The deal did not include the Food Lion, because the grocer owns its building there. The deal closed Dec. 28.
The shopping center, at 20831 Woodpecker Road, is fully leased, and tenants include Rite-Aid, Dollar General, a nail salon, a Chinese restaurant, a pizza place and a dance studio.
Terry Earnest, the principal broker at Chesterfield Commercial Realty, said sellers Matoaca Associates and Jay and Frances Lay got a good price for the center.
“The contract price was lowered a little bit because the roof needs [to be] replaced in a couple of years,” he said. “The roof costs are estimated at about $150,000.”
Matoaca Associates still owns two undeveloped parcels of land adjacent to the shopping center totaling almost 10 acres. They are listed for sale with Earnest for $1.2 million.
Retail vacancy in the Richmond market is about 9.4 percent, with more than 22 million square feet of inventory, according to a recent CBRE report. But vacancy has been higher in the southern portions of Chesterfield County, hovering between 10 percent and 13 percent.
Will Bradley, a broker and analyst with CBRE, said that tenant leasing has been relatively quiet in the southern part of the region, except around the Fort Lee area outside of Petersburg. So a fully leased shopping center is beating the market.
Lindsey Floyd, a retail broker with the Rappaport Companies, said retail activity in the Richmond area has spiked this month.
“Instead of the restaurant groups who we saw all of last year, we are getting more big-box and out-of-market tenants scheduling tours and wanting proposals,” she said. “And people who are already in the market are looking to expand.”
An aerial view of the recently purchased Village Commons shopping center and two adjacent parcels of land for sale in South Chesterfield. (Courtesy of Chesterfield Commercial Realty)
A Northern Virginia real estate company in December acquired a Food Lion-anchored shopping center in South Chesterfield.
Arlington-based Hoda Investments LLC bought the 22,750-sqaure-foot Village Commons shopping center for $1.2 million. The deal did not include the Food Lion, because the grocer owns its building there. The deal closed Dec. 28.
The shopping center, at 20831 Woodpecker Road, is fully leased, and tenants include Rite-Aid, Dollar General, a nail salon, a Chinese restaurant, a pizza place and a dance studio.
Terry Earnest, the principal broker at Chesterfield Commercial Realty, said sellers Matoaca Associates and Jay and Frances Lay got a good price for the center.
“The contract price was lowered a little bit because the roof needs [to be] replaced in a couple of years,” he said. “The roof costs are estimated at about $150,000.”
Matoaca Associates still owns two undeveloped parcels of land adjacent to the shopping center totaling almost 10 acres. They are listed for sale with Earnest for $1.2 million.
Retail vacancy in the Richmond market is about 9.4 percent, with more than 22 million square feet of inventory, according to a recent CBRE report. But vacancy has been higher in the southern portions of Chesterfield County, hovering between 10 percent and 13 percent.
Will Bradley, a broker and analyst with CBRE, said that tenant leasing has been relatively quiet in the southern part of the region, except around the Fort Lee area outside of Petersburg. So a fully leased shopping center is beating the market.
Lindsey Floyd, a retail broker with the Rappaport Companies, said retail activity in the Richmond area has spiked this month.
“Instead of the restaurant groups who we saw all of last year, we are getting more big-box and out-of-market tenants scheduling tours and wanting proposals,” she said. “And people who are already in the market are looking to expand.”