A shopping center that was back in the hands of its lender has finally been sold. Photo by Katie Demeria.
Some changes are on the horizon for a Henrico County strip center following a foreclosure earlier this year.
The Wistar Center on Staples Mill Road was purchased last month by a Florida real estate firm for $2.34 million. BPC/Larkspur Wistar LLC was the buyer in the deal that closed Oct. 22. U.S. Bank, which took control of the 50,000-square-foot property through foreclosure in March, was the seller.
BPC/Larkspur Wistar LLC is managed by David Bernstein of Larkspur Properties, a Florida real estate firm. Bernstein said this is Larkspur’s first purchase outside of Florida. He founded the firm in 2009.
“We think the Staples Mill area is generally improving, and the underlying potential in the center is there,” Bernstein said. “We want to upgrade the exterior on the retail side and make some capital improvements to improve the visibility and commercial appeal.”
He would not say how much the company plans to invest in improvements on the property.
Bernstein said his firm focuses on the specific piece of real estate when it invests, rather than the general location.
“We obviously like Richmond and think it’s a growing and improving city,” he said.
The 5-acre strip spanning 8101 and 8157 Staples Mill Road is made up of three buildings. Its current tenants include Tip Thai Restaurant, Crown Trophy, Unitek Computers and Beverly Hill Jewelers.
Dawn Calabrese of Cushman & Wakefield | Thalhimer handles leasing for the Wistar Center. She said 40 percent of the center is currently available for new tenants, including office space in the back of the property and retail space fronting Staples Mill Road.
“This new owner is very hands-on and ready to invest in improvements in the property and make aggressive deals,” Calabrese said. “We have some real opportunities here.”
According to its website, Larkspur focuses on distressed residential and commercial projects.
Wistar Center’s foreclosure earlier this year was a result of the demise of DBSI Cos., an Idaho real estate investment firm that began its collapse in 2008, accused of running the company like a massive Ponzi scheme. Many of its assets were put into bankruptcy. It owned the Staples Mill property through Delaware-based DBSI Wistar Center, which defaulted on a $3.38 million loan.
A shopping center that was back in the hands of its lender has finally been sold. Photo by Katie Demeria.
Some changes are on the horizon for a Henrico County strip center following a foreclosure earlier this year.
The Wistar Center on Staples Mill Road was purchased last month by a Florida real estate firm for $2.34 million. BPC/Larkspur Wistar LLC was the buyer in the deal that closed Oct. 22. U.S. Bank, which took control of the 50,000-square-foot property through foreclosure in March, was the seller.
BPC/Larkspur Wistar LLC is managed by David Bernstein of Larkspur Properties, a Florida real estate firm. Bernstein said this is Larkspur’s first purchase outside of Florida. He founded the firm in 2009.
“We think the Staples Mill area is generally improving, and the underlying potential in the center is there,” Bernstein said. “We want to upgrade the exterior on the retail side and make some capital improvements to improve the visibility and commercial appeal.”
He would not say how much the company plans to invest in improvements on the property.
Bernstein said his firm focuses on the specific piece of real estate when it invests, rather than the general location.
“We obviously like Richmond and think it’s a growing and improving city,” he said.
The 5-acre strip spanning 8101 and 8157 Staples Mill Road is made up of three buildings. Its current tenants include Tip Thai Restaurant, Crown Trophy, Unitek Computers and Beverly Hill Jewelers.
Dawn Calabrese of Cushman & Wakefield | Thalhimer handles leasing for the Wistar Center. She said 40 percent of the center is currently available for new tenants, including office space in the back of the property and retail space fronting Staples Mill Road.
“This new owner is very hands-on and ready to invest in improvements in the property and make aggressive deals,” Calabrese said. “We have some real opportunities here.”
According to its website, Larkspur focuses on distressed residential and commercial projects.
Wistar Center’s foreclosure earlier this year was a result of the demise of DBSI Cos., an Idaho real estate investment firm that began its collapse in 2008, accused of running the company like a massive Ponzi scheme. Many of its assets were put into bankruptcy. It owned the Staples Mill property through Delaware-based DBSI Wistar Center, which defaulted on a $3.38 million loan.