The former Kmart at 6807 Midlothian Turnpike. (Photo by David Larter)
The last of two local Kmarts left vacant last year by the big-box retailer has a new owner.
J&J Midlothian LLC bought the 16-acre former Kmart property at 6807 Midlothian Turnpike on Monday for $4.35 million.
The LLC is registered to Si J. Lee, who also owns a Grand Mart International Food store in Virginia Beach.
Read Goode, a broker with S.L. Nusbaum who had the listing on the Kmart property, said the new owner was planning a similar international foods store in 95,000 square feet of the 117,000-square-foot building.
“There is about 20,000 square feet left to be leased up,” Goode said, adding that his firm was still working on securing tenants for some of the out-parcels.
The property, near Chippenham Parkway, was most recently assessed at $4.5 million, according to city records.
J&J Midlothian was represented by Phil Blythe of Realty Investments and Chris Tukas of Electra Properties.
Blythe said his client was not ready to talk about the plan for the property.
Kmart announced in late 2011 that it was closing 100 locations nationwide, including two locally.
The deal marks the third major retail property snapped up Richmond in three weeks.
In early March, Floor & Decor leased 85,000 square feet of the Kmart at Broad Street and Glenside Drive. That same week, the owner of the Showplace expo center on Mechanicsville Turnpike announced he had leased 75,000 square feet to discount retailer Roses.
The former Kmart at 6807 Midlothian Turnpike. (Photo by David Larter)
The last of two local Kmarts left vacant last year by the big-box retailer has a new owner.
J&J Midlothian LLC bought the 16-acre former Kmart property at 6807 Midlothian Turnpike on Monday for $4.35 million.
The LLC is registered to Si J. Lee, who also owns a Grand Mart International Food store in Virginia Beach.
Read Goode, a broker with S.L. Nusbaum who had the listing on the Kmart property, said the new owner was planning a similar international foods store in 95,000 square feet of the 117,000-square-foot building.
“There is about 20,000 square feet left to be leased up,” Goode said, adding that his firm was still working on securing tenants for some of the out-parcels.
The property, near Chippenham Parkway, was most recently assessed at $4.5 million, according to city records.
J&J Midlothian was represented by Phil Blythe of Realty Investments and Chris Tukas of Electra Properties.
Blythe said his client was not ready to talk about the plan for the property.
Kmart announced in late 2011 that it was closing 100 locations nationwide, including two locally.
The deal marks the third major retail property snapped up Richmond in three weeks.
In early March, Floor & Decor leased 85,000 square feet of the Kmart at Broad Street and Glenside Drive. That same week, the owner of the Showplace expo center on Mechanicsville Turnpike announced he had leased 75,000 square feet to discount retailer Roses.
Interesting comments on the VaBeach store in Yelp.
So are they going to do anything with that massive parking lot ? Also the amount of land is prime real estate that if redeveloped properly could spur a rebirth on the richmond side of midlothian turnpike. Although there are some shady motels and strip clubs in the area if you look past that the midlothian district has some key features such as new infrastructure, connection to the interstate, the large Jehovah witness center, next to the district the clover leaf mall areas being redeveloped, and the goodwill headquarters. some would say the rock center but they could use some… Read more »