A grocery store-anchored Henrico County shopping center bagged a new owner last month.
The East Towne Plaza shopping center at 2901 Williamsburg Road was sold Dec. 16 to two out-of-town buyers for $5.28 million.
New York-based Brookline Development Co. was one of the buyers through its entity BL-East Towne LLC, and Suffolk-based New Coinjock East Towne LLC was the other.
The 65,000-square-foot shopping center was sold by Peck Properties, a locally based real estate investment firm that had owned it since 2004.
Along with its Food Lion anchor, the shopping center’s tenants include Jackson Hewitt, KT Mobile, the Henrico County School Board and a Primo Pizza.
East Towne Plaza was constructed in 1990, according to Henrico County records, and its latest assessment valued it at $4.8 million. Peck Properties purchased it in 2004 for $4.7 million.
Peck Properties is owned by father-and-son team David and Joshua Peck.
“This is a good center with good tenants,” David Peck said. “Food Lion is renewing their lease for another 10 years, so they are obviously optimistic about this area.”
“The best business deals are where the buyer and the seller feels they’re satisfied with the deal, and that’s the case here,” he continued.
He said his son, who runs Peck Properties, will likely reinvest the funds from the sale and is considering purchasing a shopping center in Tennessee.
According to its website, Peck owns several shopping centers throughout Virginia, including in Rustburg, Marion and Emporia. Locally it also owns the 13,300-square-foot Mayland Medical Office Building at 9851 Mayland Drive.
Leasing at East Towne Plaza was most recently handled by Jim Ashby and Richard Thalhimer of Cushman & Wakefield | Thalhimer.
“We took over leasing in 2011 and within 18 months we had taken the center from roughly 45 percent occupancy to 98 percent occupancy,” Ashby said.
He said the property only has about 1,900 square feet currently available for lease.
Brookline Development is a real estate investment firm with properties along the East Coast and in Minnesota and Arkansas. According to its website, it focuses on retail shopping centers and office buildings and currently owns over 2.5 million square feet in eight states.
A representative with Brookline was unavailable for comment by press time.