West End shopping center bagged for $29M

Gayton Crossing Shopping Center was sold to Atlanta-based New Market Properties LLC for $29 million. (Photos by J. Elias O’Neal)

Fresh off its purchase of a new Publix-anchored retail project in Carytown, a Florida-based shopping center developer has sold off one of its Henrico County properties for eight figures.

Regency Centers sold its nearly 160,000-square-foot Gayton Crossing Shopping Center at 9782 Gayton Road last week to Atlanta-based New Market Properties LLC for $29 million, according to a deed recorded Jan. 22 with Henrico County’s Real Estate Assessment Division.

The sale did not include the center’s 54,300-square-foot Kroger grocery store and the Wells Fargo bank branch outparcel at 1390 Gayton Road.

New Market, a subsidiary of Preferred Apartment Communities Inc., secured $18 million in financing with Nationwide Life Insurance Co. to purchase the retail center, according to the deed.

With an 88 percent occupancy rate, Gayton Crossing is home to several regional and national retail and restaurant tenants.

With an 88 percent occupancy rate, Gayton Crossing is home to several regional and national retail and restaurant tenants that include Gold’s Gym, Goldfish Swim School, Jos. A. Bank, Nutriati, Stuffy’s, Sports Clips and Pet Valu.

New Market owns dozens of Publix-, Kroger- and Fresh Market-anchored retail centers throughout Texas, Georgia, the Carolinas, Alabama and Tennessee.

The purchase of Gayton Crossing marks New Market’s first foray into the metro Richmond market, and its second retail center in Virginia. The firm purchased Hollymead Town Center near Charlottesville last month.

Eric Robison and Mark Gilbert of Cushman & Wakefield | Thalhimer’s Capital Markets Group represented Regency during the sale, the company announced Tuesday. James Ashby IV, a Cushman & Wakefield | Thalhimer broker, assisted with the sale.

New Market could not be reached for comment Wednesday afternoon.

With the sale of Gayton Crossing, Regency owns two retail centers in the Richmond area: the Village Shopping Center at 7029 Three Chopt Road in Henrico County and Hanover Village at 7047 Mechanicsville Pike in Hanover County.

One of Regency’s most ambitious and long-anticipated retail projects is preparing to start in Carytown.

The retail center developer, along with the Goodwyn family, have entered into a joint venture — Regency Goodwyn LLC — to redevelop the 5.3-acre property bounded by West Cary, South Thompson and Nansemond streets, and Ellwood Avenue into Carytown Exchange.

The properties were transferred to the joint venture this month by the Goodwyn family for $13 million, according to city property records.

Rendering of Carytown Exchange along West Cary Street. (Regency Centers)

Plans call for Carytown Exchange to include a 49,000-square-foot store for Publix, and 71,000 square feet of additional retail space that will face West Cary Street and Ellwood Avenue, providing room for about 25 additional tenants.

Regency will raze the now-vacant Martin’s grocery shell along with nearly every other building on the block, excepting the CVS at 3514 W. Cary St., which will remain intact and in operation.

Also, the Union Bank & Trust branch at 3556 W. Cary St. will not be affected by the redevelopment project.

The city’s planning division is reviewing a development plan. Construction on the project is scheduled to start this spring.

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Bruce Milam
Bruce Milam
2 years ago

The neighborhood looks forward to having a new two block extension of Carytown. This is first instance that I recall the Goodwyn family selling an asset of theirs.

MIchael Dodson
MIchael Dodson
2 years ago
Reply to  Bruce Milam

I’ll venture to say I, and many, are looking forward to even seeing the demo in process and not the dark parking lot with the falling apart lighted old store in it! Come on Exchange!