A billion-dollar deal between a financial giant and a Canadian REIT has trickled down to Chesterfield County.
New York investment firm Blackstone Group bought the Towne Crossings shopping center at 11647 Midlothian Turnpike on June 1 for $18 million, according to a Chesterfield County property record.
Greg Davis of Excel Trust, a California-based REIT owned by Blackstone, confirmed the deal. Blackstone purchased the property through BRE RC Towne Crossing VA LLC.
Blackstone took on the 110,000-square-foot Towne Crossings center through its $1.9 billion acquisition of the U.S. retail portfolio of a RioCan Real Estate Investment Trust from Toronto. That deal was announced late last year.
Davis said the new owners have no major plans for Towne Crossings. CBRE | Richmond handles leasing for the shopping center.
“The drive behind the acquisition is Blackstone liked what they saw in the assets,” Davis said.
Built in 1980, Towne Crossings is home to 21 units that lease to retailers like Bed Bath & Beyond, Michaels, Mattress Discounters, and Bonchon and has 10,250 square feet available for lease. The two parcels at 11643 and 11649 Midlothian Turnpike that were part of the shopping center’s sale were most recently assessed at a combined $16.5 million.
In the Richmond market, Blackstone also owns stakes in West Broad Marketplace, a 440,000-square-foot commercial development still under construction, and in West Broad Village. It took on those investments when it acquired Excel Trust last year. Excel purchased West Broad Village in 2012 for $161 million.
Last week, BizSense reported another Midlothian shopping center that landed new owners: Latitude Holdings bought Midlothian Station Shopping Center, along with an industrial building in Henrico County.