In the midst of a big capital raise, a local real estate firm has added to its Richmond property portfolio.
Hackney Real Estate Partners on April 7 purchased Midlothian Crossing Shopping Center at 8535 Midlothian Turnpike. The company paid $4.95 million for the 88,000-square-foot property, which sits on 9.85 acres, according to a Chesterfield County record.
The deal comes as the Henrico-based company attempts to raise $70 million in capital. It has thus far gathered $34.7 million of that total, according to an SEC filing last month.
Citing regulations related to the solicitation of capital, company principal Ashby Hackney would not comment on the firm’s raise.
He runs the company with his brother, Roby Hackney, along with Burke Lewis. The firm specializes in acquiring and managing retail commercial properties in the Mid-Atlantic and Southeast that have more than 10,000 square feet and a minimum price of $2 million, according to its website.
The company owns about three dozen properties in six states. It owns 10 in Virginia, with local holdings that include The Crossings in Hopewell and Genito Crossing Shopping Center in Midlothian.
Its newest acquisition, Midlothian Crossing, was built in 1980 and is anchored by Big Lots and Goodwill. The anchors both recently signed long-term leases and Big Lots has plans to add 18,463 square feet to its store, according to HRE’s website.
Ashby Hackney said there are no immediate plans to renovate Midlothian Crossing.
The previous owner of the property, Midlothian Associates LP, had owned the center since 2000. The property was most recently assessed at $4.57 million.