The recent sale of a restaurant parcel is making a Henrico County shopping center whole again.
Richmond-based DSSCJY LLC recently purchased the Shoney’s restaurant building and its 0.61-acre outparcel at 7101 Staples Mill Road in the Dumbarton Square Shopping Center.
The deal was confirmed by James Ashby IV, a broker with Richmond-based Cushman & Wakefield | Thalhimer who represented the buyer with colleague Alex Wotring. The seller was Richmond-based HBD Investments, which closed the deal earlier this month for $250,000.
“The acquisition of this parcel was something the new owner wanted to complete,” Ashby said.
The sale gives the DSSCJY group ownership of the entire 44-year-old shopping center, which encompasses 89,000 square feet on 7 acres.
With the deal in place, Ashby said the shopping center and its spot at the junction of Staples Mill Road, Hilliard Road and Glenside Drive positions the property for future redevelopment and growth.
“It just made sense to bring the parcel into the rest of the shopping center,” Ashby said.
Plans call for the new owners to invest in a new pylon sign and parking lot, Ashby said. He added that the new owners also are contemplating a name change for the center and façade improvements.
The existing Shoney’s restaurant is set to close by the end of the year to potentially make way for a new tenant, Ashby said.
“We’re working to backfill that space with another restaurant once it closes, or potentially tear down the building to make way for another user,” he said.
Dumbarton Square has struggled to maintain tenants in recent years. It lost its grocery anchor in July 2015 when Martin’s closed its location there.
There are currently 11 suites available for lease, according to Thalhimer’s brochure for Dumbarton Square, ranging from 31,000 square feet to about 975 square feet.
But things may soon turn around for the beleaguered retail center.
A possible tenant may soon fill the former Martin’s grocery space, Ashby said. Another tenant is looking to fill about 15,000 square feet of space next door. He wouldn’t identify the potential users.
Thalhimer assumed leasing and managing duties for the shopping center earlier this year, following a transfer of ownership within the family that originally owned and managed it through Dumbarton Properties Inc.
The family’s transfer of assets into DSSCJY also included the neighboring Staples Mill Shopping Center – a nearly 87,000-square-foot retail center on about 8 acres across the street.
I think that property would be better bulldozed and let someone build new retail/restaurants from scratch. The structure is 30+ years old or more and it’s not a great layout compared to newer shopping centers for store visibility and traffic flow.
Maybe it is time for the appropriate government entity to step in an acquire the location for the new Amtrak station. This is the most practical location for a new station with commuter parking.