One of Richmond’s most seasoned property owners snatched up more real estate in Carytown last week and is set to begin work on a 175,000-square-foot shopping center in Henrico County.
Sauer Properties, the real estate arm of Richmond-based spice company C.F. Sauer, expanded its holdings in Carytown on Jan. 20 with the purchase of the Need Supply Co.’s storefront at 3100 W. Cary St.
Sauer already owned nearby Cary Court and paid $1.12 million for its latest purchase, according to city records.
Need Supply Co. will remain in the space, Sauer Properties spokesperson Shane Parr said. The company has no plans for redevelopment of that property.
“We own Cary Court shopping center, which is the biggest piece of property right there, and we pretty much own the parking lot behind Need Supply, anyway,” Parr said. “You want to have a handle on things that are near your properties and protect your edges.”
Parr declined to say how much time is remaining on Need Supply’s lease. The store’s founder, Chris Bossola, did not return requests for comment.
As it pads its edges around Cary Court, Sauer Properties is also digging into parts of Henrico County.
The company plans to start construction on Stuart’s Crossing Shopping Center at Virginia Center Parkway and Route 1 within 30 to 45 days, Parr said, and hopes to finish the 175,000-square-foot project by the fall.
Sauer bought 13 acres for the shopping center in 2001 and scooped up another seven acres in 2010.
No tenants have yet been lined up for the three-building development, but Parr said Sauer expects between 15 and 16 retailers will eventually set up shop there.
“We have numerous people that we want to go in there, it’s just getting everybody in the same time frame,” Parr said. “And we’re patient. We’re not in a hurry.”
Parr would not specify what sort of anchor tenant Sauer hopes to bring into the center. He did say that they are hoping for national, well-recognized names and that they are not bringing in a grocery store.
The largest tenants will have 30,000 to 50,000 square feet, and the smallest tenants would have 2,000 to 3,000.
Trent Construction is the general contractor, and Freeman Morgan Architects is designing the shopping center.
Back in the city, Sauer is continuing to sort out plans for Sauer Center, a proposed four-building, 200,000-square-foot retail development on West Broad Street near the Sauer spice factory.
Parr said the company is in the process of relocating Pleasants Hardware, which will vacate its store at 2024 W. Broad St. to make way for the city’s first Whole Foods. The grocer will anchor Sauer Center.
Parr said Pleasants should be moved by the fall. He said the tentative opening date for the grocery store is the fall of 2016.
“We have flexibility in the schedule, and everybody understands the complexities,” Parr said. “You’ve got to be patient.”
Sauer and its real estate arm have built up a mini empire of property in the area, particularly in the city and around its landmark spice factory at Broad Street and Hermitage Road.
It owns properties encompassing more than 30 acres centered on Hermitage Road between Broad and Leigh streets. It also has the Carytown properties, as well as Libbie Place shopping center near Willow Lawn, the 133,000-square-foot former Virginia Department of Taxation Building at 2220 W. Broad St. and a 163,000-square foot property at Allen Avenue and West Broad Street, among many others.