New York investors bag Chesterfield retail center for $12M

chesterfield marketplace sign

The Chesterfield Marketplace shopping center at 1201-1385 Carmia Way in Midlothian. (J. Elias O’Neal)

Another out-of-town investor has snapped up a large shopping center in the Chesterfield suburbs.

New York-based Y-C Group 1 LLC purchased a 200,000-square-foot chunk of Chesterfield Marketplace shopping center at 1201-1385 Carmia Way in Midlothian for $12 million, according to Chesterfield County records.

The deal closed Dec. 8, said broker Jay O’Donnell with CBRE | Charlottesville, who with fellow CBRE brokers Bill Kent and Ryan Sciullo represented the seller, Pennsylvania-based WP Chesterfield Associates.

The deal included five parcels along Carmia Way that were most recently assessed for a combined $11.2 million, according to county records.

As part of the sale, Y-C Group 1 controls a concentration of properties housing several big box retailers and restaurants serving the growing Midlothian retail market, including Skyzone, Thunderbolt Indoor Kart Racing, Sonic, Staples and PetSmart.

The sale does not include the properties in the center that house Home Depot, Toys ‘R’ Us, Richmond’s Furniture, Myrna’s Boots & Leather, Ruby Tuesday, Virginia ABC and Wells Fargo.

Y-C Group 1 could not be reached for comment Thursday afternoon. O’Donnell said the buyer plans to add the shopping center to a portfolio of holdings.

A few blocks from Chesterfield Town Center,  the 20-year-old Chesterfield Marketplace is 91 percent occupied, with only a 16,000- and 1,200-square-foot vacancy.

Because of Midlothian’s attractive demographics, O’Donnell said, more out-of-town investors are looking to metro Richmond for similar deals.

“We’re seeing more buyers looking at secondary markets like Richmond for deals,” O’Donnell said. “It’s an attractive market where there is positive population growth and there is still a strong demand for retail.”

This latest sale follow at least a pair of large shopping center deals in Chesterfield last year that were led by out-of-town buyers.

Maryland-based Giants Food Stores – the umbrella company of Martin’s Food Markets – paid $13.7 million for a 15-acre site in October 2017. The site includes the former Martin’s box at 12601 Jefferson Davis Highway and an incomplete outparcel that was slated to hold a larger Martin’s store.

And an entity tied to Birmingham-based Gold Investments USA purchased the Shops at the Arboretum shopping center at 9101-9111 Midlothian Turnpike in July 2017 for $8.8 million.

chesterfield marketplace sign

The Chesterfield Marketplace shopping center at 1201-1385 Carmia Way in Midlothian. (J. Elias O’Neal)

Another out-of-town investor has snapped up a large shopping center in the Chesterfield suburbs.

New York-based Y-C Group 1 LLC purchased a 200,000-square-foot chunk of Chesterfield Marketplace shopping center at 1201-1385 Carmia Way in Midlothian for $12 million, according to Chesterfield County records.

The deal closed Dec. 8, said broker Jay O’Donnell with CBRE | Charlottesville, who with fellow CBRE brokers Bill Kent and Ryan Sciullo represented the seller, Pennsylvania-based WP Chesterfield Associates.

The deal included five parcels along Carmia Way that were most recently assessed for a combined $11.2 million, according to county records.

As part of the sale, Y-C Group 1 controls a concentration of properties housing several big box retailers and restaurants serving the growing Midlothian retail market, including Skyzone, Thunderbolt Indoor Kart Racing, Sonic, Staples and PetSmart.

The sale does not include the properties in the center that house Home Depot, Toys ‘R’ Us, Richmond’s Furniture, Myrna’s Boots & Leather, Ruby Tuesday, Virginia ABC and Wells Fargo.

Y-C Group 1 could not be reached for comment Thursday afternoon. O’Donnell said the buyer plans to add the shopping center to a portfolio of holdings.

A few blocks from Chesterfield Town Center,  the 20-year-old Chesterfield Marketplace is 91 percent occupied, with only a 16,000- and 1,200-square-foot vacancy.

Because of Midlothian’s attractive demographics, O’Donnell said, more out-of-town investors are looking to metro Richmond for similar deals.

“We’re seeing more buyers looking at secondary markets like Richmond for deals,” O’Donnell said. “It’s an attractive market where there is positive population growth and there is still a strong demand for retail.”

This latest sale follow at least a pair of large shopping center deals in Chesterfield last year that were led by out-of-town buyers.

Maryland-based Giants Food Stores – the umbrella company of Martin’s Food Markets – paid $13.7 million for a 15-acre site in October 2017. The site includes the former Martin’s box at 12601 Jefferson Davis Highway and an incomplete outparcel that was slated to hold a larger Martin’s store.

And an entity tied to Birmingham-based Gold Investments USA purchased the Shops at the Arboretum shopping center at 9101-9111 Midlothian Turnpike in July 2017 for $8.8 million.

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