Continuing to bounce back two years after foreclosure, a shopping center near Innsbrook has been sold to an out-of-town real estate firm.
The Shoppes at Twin Oaks, at 3601-3641 Cox Road, was purchased by the Kotarides family, which runs its namesake real estate development and management firm in Virginia Beach. The deal closed Feb. 12 with a purchase price of $7.6 million, according to Cushman & Wakefield | Thalhimer, which brokered the deal for the seller.
The 39,000-square-foot center was put on the market by Cohen Equities, a New York firm that bought the property in August 2014 for $5.2 million, Henrico County records show. Cohen purchased it from its previous lender, which foreclosed in 2013. The shopping center was built in 2006, near the height of the market. It sits on 5 acres.
Thalhimer broker Catharine Spangler, who worked the deal with colleague Eric Robison, said they worked to stabilize the center’s tenant base in the years following the foreclosure. It was at 94 percent occupancy at the time of the sale, with a tenant list that includes Bank of America, West End CrossFit and Tahoes California Grill.
Spangler said it was on the market for about four to six weeks before getting the Kotarides offer.
Plans were recently approved by the county to allow a new entrance into the center off Westerre Parkway.
A message left for Kotarides head Pete Kotarides was not returned by press time.
The company has had a presence in Richmond in recent years, most recently proposing a redevelopment of the state Department of Game and Inland Fisheries complex on West Broad Street.