Henrico mall finally sold for $6.3M

The Fairfield Commons mall is set to be replaced by new development. Photos by Katie Demeria.

The Fairfield Commons mall is set to be replaced by new development. Photos by Katie Demeria.

With the ink on its contract finally dry, a developer’s bulldozers are revving at Fairfield Commons mall.

Arizona-based Bromont Investment Group closed on the struggling eastern Henrico property at 4869 Nine Mile Road last week for $6.318 million.

Work is already underway to raze the nearly 50-year-old structure as Bromont prepares to construct the 310,000-square-foot Eastgate Town Center. The Walmart-anchored project should open by the fall of 2016, according to Joshua Rector, Bromont’s director of development.

The deal closed after a lengthy process; Bromont has had Fairfield Commons under contract for about three years.

“It was definitely a complicated deal, but we’re very excited that we’re finally underway after the trials and tribulations,” Rector said. “We’re ready to get the work done and be part of the community there.”

This will be Bromont’s first venture into the Richmond market. Rob Black of CBRE represented the developer in the deal. Rector said Black originally approached Bromont with the redevelopment idea.

Walmart will occupy about 190,000 square feet of the property, and Eastgate will sport three additional buildings that should come in at around 82,000, 23,000 and 15,000 square feet.

Bromont hopes to wrap up construction by next fall.

Bromont hopes to wrap up construction by next fall.

As of now, the property is about 64 percent leased, Rector said, with Planet Fitness, Citi Trends, MetroPCS, DaVinci Pizza and Lee Nails already signed on. The developer is in conversations with several other tenants, but Rector declined to give names.

The group is financing the development through a loan from EVB. Rector did not share the total development cost.

RL Pruitt is the general contractor on the site, and SB Cox is doing the abatement and demolition work. Baldwin Associates is the engineer.

The group purchased the property from Chiocca-Talley Malls Inc., which had owned Fairfield Commons since 1996, when it bought the property for $3 million. Brian Glass and Yasmine Hamad of Colliers International represented the seller.

Glass said Fairfield Commons has “outlived its useful life.” It has been closed for about six months.

Eastgate, Glass said, “works for the developer, for Walmart and for the county.”

“We’re looking forward to it,” he said. “It’s going to be good for that part of the county to have this in redevelopment.”

Glass added that other properties along South Laburnum Avenue may be positively affected by the Eastgate development.

While this is Bromont’s first move into the Richmond market, Rector said the group is seeking additional developments but hasn’t nailed down any specific sites.

Fairfield was Richmond’s second enclosed mall, following Azalea Mall in Northside. Many enclosed mall models have been shuttered across the country, and the future of another similar structure, Regency Square in western Henrico, is still up in the air after two local firms snagged it earlier this year.

The Fairfield Commons mall is set to be replaced by new development. Photos by Katie Demeria.

The Fairfield Commons mall is set to be replaced by new development. Photos by Katie Demeria.

With the ink on its contract finally dry, a developer’s bulldozers are revving at Fairfield Commons mall.

Arizona-based Bromont Investment Group closed on the struggling eastern Henrico property at 4869 Nine Mile Road last week for $6.318 million.

Work is already underway to raze the nearly 50-year-old structure as Bromont prepares to construct the 310,000-square-foot Eastgate Town Center. The Walmart-anchored project should open by the fall of 2016, according to Joshua Rector, Bromont’s director of development.

The deal closed after a lengthy process; Bromont has had Fairfield Commons under contract for about three years.

“It was definitely a complicated deal, but we’re very excited that we’re finally underway after the trials and tribulations,” Rector said. “We’re ready to get the work done and be part of the community there.”

This will be Bromont’s first venture into the Richmond market. Rob Black of CBRE represented the developer in the deal. Rector said Black originally approached Bromont with the redevelopment idea.

Walmart will occupy about 190,000 square feet of the property, and Eastgate will sport three additional buildings that should come in at around 82,000, 23,000 and 15,000 square feet.

Bromont hopes to wrap up construction by next fall.

Bromont hopes to wrap up construction by next fall.

As of now, the property is about 64 percent leased, Rector said, with Planet Fitness, Citi Trends, MetroPCS, DaVinci Pizza and Lee Nails already signed on. The developer is in conversations with several other tenants, but Rector declined to give names.

The group is financing the development through a loan from EVB. Rector did not share the total development cost.

RL Pruitt is the general contractor on the site, and SB Cox is doing the abatement and demolition work. Baldwin Associates is the engineer.

The group purchased the property from Chiocca-Talley Malls Inc., which had owned Fairfield Commons since 1996, when it bought the property for $3 million. Brian Glass and Yasmine Hamad of Colliers International represented the seller.

Glass said Fairfield Commons has “outlived its useful life.” It has been closed for about six months.

Eastgate, Glass said, “works for the developer, for Walmart and for the county.”

“We’re looking forward to it,” he said. “It’s going to be good for that part of the county to have this in redevelopment.”

Glass added that other properties along South Laburnum Avenue may be positively affected by the Eastgate development.

While this is Bromont’s first move into the Richmond market, Rector said the group is seeking additional developments but hasn’t nailed down any specific sites.

Fairfield was Richmond’s second enclosed mall, following Azalea Mall in Northside. Many enclosed mall models have been shuttered across the country, and the future of another similar structure, Regency Square in western Henrico, is still up in the air after two local firms snagged it earlier this year.

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Bruce Milam
Bruce Milam
7 years ago

Congratulations to Brian Glass and Yasmine Hamad for three years of hard work and persistence in bringing this game changer to the Richmond east end. This area needed a grocer/ department store and they get a significant one that will draw other retailers.

Veronica pollard
Veronica pollard
7 years ago

Great news! Well needed.my concern please don’t put a bunch of cheap stores there.A Macy’s would be nice.Really nice and there’s none close by☺

Sarah Stein
Sarah Stein
7 years ago

Now, maybe the rat hole of the Walmart’s on 360 will get rid of the rodents that manage it, and close. Disgusting place.

Looking forward to the new development.

Dianna yates
Dianna yates
7 years ago

GREAT NEWS for the east end!!! NOW, if only the new mangement company will make sure that the stores keep their spaces clean & orderly, and also keep the parking lots CLEAN, WELL LIT, & SAFE for the patrons…Take a page from Eastgates history .put Chain stores in as well as the mom & pops!

Kamesha Barnette
Kamesha Barnette
7 years ago

Very excited about the change to come very much over due… It would be great to have a chipotle in this area beings the closest two are about 15+ min away… Bring the area back to life again…

Sheena Brown
Sheena Brown
7 years ago

I’m excited about the changes that are coming but why can’t we get stores that people want in this area. I’m tired of the east end getting these stores like citi trends. What about a H&M or like forever 21.

Danell Ross
Danell Ross
7 years ago

Very nice… Much needed.. Property values should increase. Make sure they invest in Fairfield Middle School located beside them. They need a new track .

Marie McEachin
Marie McEachin
7 years ago

It’s great to see workers at the mall. Everyone is looking forward to the mall having a more positive and safe feel. I am a little concerned about the possibility of increased traffic, especially with Fairfield Middle School being so close.

Gloria Gilchrist
Gloria Gilchrist
7 years ago

I’m very excited about the redevelopment on this end of the county, but we deserve stores of quality without having to still travel to Short Pump. Citi Trends and stores like it, do not sell quality merchandise. At least bring a Macy’s to the area.

Pat Smith
Pat Smith
7 years ago

Thanks, for finally giving us somewhere to shop, close to Hechler Village. Not everyone has transportation! Thanks again!???

FREDDIE CROUCH
FREDDIE CROUCH
7 years ago

SO GLAD WALMART IS COMING! The closest one is Mechanicsville! Love the little one at Meadowbrook!

Michael Dodson
Michael Dodson
7 years ago

Great news, sad the 2nd enclosed mall is going to be demolished but the new center will be nice. So glad Peebles is coming back. Brian and team did an excellent job and this is a big boost to Henrico.

PS Macy’s and H&M? You people are hilarious there is not household income in all of Northern and Eastern Henrico (combined) to justify even a new Sears!

Keith Pegram
Keith Pegram
5 years ago

This is Eastern Henrico not Richmond the tax money is HENRICO the city is dead