A deal is in the works to sell a nearly 40-year-old retail strip off Midlothian Turnpike.
The Arch Village Shopping Center at 9201 Midlothian Turnpike is under contract to be sold to an unnamed buyer in a deal expected to close in the next 10 days, according to Joe Harding, who built the 54,000-square-foot shopping center in 1977.
“It’s the right price and the right timing,” Harding said. “The property needed new funds to fix it up.”
Arch Village is home to nine tenants including American Freight Furniture and Mattress, Little Ceasars and Food Emporium. The property has about 16,400 square feet available for lease.
The shopping center sits on two parcels that are currently owned separately, but will be purchased by the same buyer, Harding said. He would not comment further about the pending deal.
Harding owns the parcel at 9201 Midlothian Turnpike, which holds the center’s western half. It was recently assessed at $2.07 million, according to a Chesterfield County record. Harding has owned the property since he bought in 1977 for $200,000.
He also owned the eastern half – 9131 Midlothian Turnpike – before selling it to Safeway. It was eventually sold to its current owner, KBAS LLC, in 2009 for $1.5 million. That parcel at 9131 Midlothian Turnpike is assessed at $1.4 million, according to a Chesterfield record.
KBAS LLC is controlled by Keith Smith, the former owner of Alexander’s Antiques, which once operated in the shopping center’s eastern side.
Harding said the deal to sell Arch Village came about after he approached Smith to buy his side of the shopping center. That’s when he found out Smith was in touch with a suitor interested in acquiring both parcels.