It’s been a month of high-dollar deals on Hull Street Road as a local sports facility and shopping center changed hands.
The Rockwood Golf Park, a driving range, mini golf and batting cage facility at 10239 Hull Street Road, scored a new buyer in a $1.25 million deal and is set to get a face-lift.
New owner Si Lee purchased the property from Yang To Hak, who had originally put the property on the market for $2.2 million in 2011. Lee completed his purchase on April 23 and has since started investing about $100,000 in renovations.
“I would like to do a little better service to the community, so it’s something the community can use,” Lee said.
Lee said he has already cleaned all the facilities at the 12-acre park, and his next big plan is to slowly replace the artificial grass with real grass one section at a time.
He said the course has been moderately busy lately, but he is hoping things pick up in the near future. He currently has three employees, but he said he hopes to increase that once a busy summer season potentially drives up revenue.
Yak purchased the facility in 2008 for $1.6 million, according to Chesterfield County records. It was most recently assessed by the county at $1.3 million.
This recent acquisition was a change of pace for Lee, who has been in Richmond’s grocery business for 30 years. He owns the Fresh Food Supermarket at 5118 Richmond Henrico Turnpike and the surrounding shopping center near the Richmond International Raceway.
“I’ve had the grocery store for many years, and I’d like to try something new,” Lee said.
He added that he has considered selling the grocery store and the shopping center if a potential buyer reaches out. The 37,000-square-foot property is assessed at $1.18 million.
Another property about 3 miles from Rockwood recently came under new ownership in a separate multimillion-dollar deal.
Texas-based investment firm Albanese Cormier Holdings purchased the Food Lion-Cross Pointe Marketplace at 8201 Hull Street Road for $2.85 million. The deal closed May 8 and marked the company’s first acquisition in Virginia.
The 73,000-square-foot shopping center was built in 1988 and is anchored by a 32,000-square-foot Food Lion.
The 10-acre property was most recently assessed at $4.69 million, county records show. Albanese Cormier’s website indicates Cross Pointe is at least 86 percent occupied, with only about 4,800 square feet vacant. A Bryant & Stratton College location, which is owned by the school, sits next to the shopping center.
Albanese purchased the shopping center from Cross Pointe Station Inc., an Atlanta-based entity. A representative with the company did not return requests for comment.
Albanese is handling leasing and management itself.
The commercial real estate development company was founded in 2000 and controls about 3 million square feet throughout the country.