The 42,000-square-foot Shops at Wellesley. (Photo by Burl Rolett)
A California-based company has a 42,000-square-foot Short Pump shopping center in the bag.
Capstone Advisors in August purchased the Shops at Wellesley near the Short Pump Town Center for $7.42 million. Wellesley will be the company’s second Richmond holding. Capstone, a real estate investment and assent management firm, has owned the Olde Towne shopping center at 7801 W. Broad St. for more than a decade.
“We are familiar with the market. We certainly like the Short Pump area and believe its growth and development over the last 10, 15 years is not going backwards,” said Mark Stanworth, Capstone’s vice president of acquisitions.
The Shops at Wellesley was built in 1991 and sits on seven acres at 3400 Lauderdale Dr. Tenants include a day-care center, an animal hospital and a handful of restaurants. A Central Virginia Bank branch adjacent to the strip mall was not included in the sale.
Stanworth said the complex is about 92 percent leased. CBRE is handling leasing for the shopping center. At about $20 per square foot, Stanworth said the Shops at Wellesley location allows tenants to open shop in the Short Pump area for a lower price than surrounding Broad Street properties, which can routinely top $30 per square foot.
Capstone sees Wellesley as a buy-and-hold investment, Stanworth said. The company has some minor parking lot work planned but does not have any major upgrades in the works for the space.
“Fortunately, the center as a whole is in pretty good shape,” Stanworth said. “It’s recently had some roof work done, and they’ve maintained it fairly well.”
The 42,000-square-foot Shops at Wellesley. (Photo by Burl Rolett)
A California-based company has a 42,000-square-foot Short Pump shopping center in the bag.
Capstone Advisors in August purchased the Shops at Wellesley near the Short Pump Town Center for $7.42 million. Wellesley will be the company’s second Richmond holding. Capstone, a real estate investment and assent management firm, has owned the Olde Towne shopping center at 7801 W. Broad St. for more than a decade.
“We are familiar with the market. We certainly like the Short Pump area and believe its growth and development over the last 10, 15 years is not going backwards,” said Mark Stanworth, Capstone’s vice president of acquisitions.
The Shops at Wellesley was built in 1991 and sits on seven acres at 3400 Lauderdale Dr. Tenants include a day-care center, an animal hospital and a handful of restaurants. A Central Virginia Bank branch adjacent to the strip mall was not included in the sale.
Stanworth said the complex is about 92 percent leased. CBRE is handling leasing for the shopping center. At about $20 per square foot, Stanworth said the Shops at Wellesley location allows tenants to open shop in the Short Pump area for a lower price than surrounding Broad Street properties, which can routinely top $30 per square foot.
Capstone sees Wellesley as a buy-and-hold investment, Stanworth said. The company has some minor parking lot work planned but does not have any major upgrades in the works for the space.
“Fortunately, the center as a whole is in pretty good shape,” Stanworth said. “It’s recently had some roof work done, and they’ve maintained it fairly well.”