A large chunk of a shopping center in Chesterfield’s Woodlake area changed hands in recent months, as an out-of-town investor made its first acquisition in the Richmond market.
North Carolina-based Rivercrest Realty Investors purchased a large portion of Hancock Village at 7300 Hancock Village Drive for about $24 million, according to county real estate records.
Rivercrest now owns roughly 160,000 square feet of retail in the 48-acre development that sits at the corner of Winterpock and Hull Street roads.
The transaction included four buildings: a 114,000-square-foot portion of the large retail center that houses junior box tenants Five Below, Dick’s Sporting Goods and Hobby Lobby; two 15,000-square-foot buildings straddling Hancock Village Drive, with tenants including Jersey Mike’s Subs, Mattress Firm, Bird Watchers and Red Poppy Pickin’; and a Starbucks-anchored strip center fronting Hull Street Road.
The deal between Rivercrest and the seller, an affiliate of Los Angeles-based real estate firm CIM, closed in late December, according to property records. CIM first acquired the property that Richmond purchased for $27.5 million in 2013.
The sale did not include the neighboring Walmart or several outparcels along Hull Street Road that are home to McDonalds, Virginia Credit Union and Chippenham Hospital’s Swift Creek Emergency Room facility.
Powhatan-based Edco LLC, which developed Hancock Village in 2009, owns the remaining portion of the center that houses Burlington and Tuesday Morning, along with two strip centers near the development’s entryway at 7200 and 7201 Hancock Village Drive.
Rivercrest also has the right of first offer to purchase a vacant 6.4-acre parcel from Edco that sits next door to Hobby Lobby for additional development. That portion of the planned retail development most recently was assessed by the county for $1.5 million.
No plans for additional development has been filed with the county’s planning division, although the master plan for the site already is zoned to accommodate more retail growth.
A call to Rivercrest was not returned Friday afternoon.
Based in Raleigh, Rivercrest is a privately held real estate firm with more than 5 million square feet of retail across much of the Southeast, Mid-Atlantic and Midwest. It owns 13 centers throughout Virginia.
Rivercrest’s investment along the Hull Street Road corridor continues to follow a mounting wave of new single- and multifamily development that’s helping to bring additional retail interest and growth to the area.
Another new player — Dallas-based North American Development Group — purchased the 2.5-acre property that houses the Longhorn Steakhouse at 14500 Hancock Village St. from CIM last month for $2.9 million, according to county property records. It most recently was assessed for $2.4 million.
Elsewhere in Chesterfield, work is underway on the Swift Creek Place retail center, where Texas Roadhouse will build a standalone restaurant alongside a three-building, 26,000-square-foot strip center on nearly 14 acres at 13501 Hull Street Road.
Further west along Hull Street Road, Aldi is celebrating its recent grand opening in the Shoppes at Harper’s Mill — a 7-acre retail project from Blackwood Development in the works at the intersection of Hull Street and Otterdale roads. A Wawa and the area’s first Virginia Tire & Auto also is open at the site.
The Shoppes at Harper’s Mill sits across the street from the Cosby Village Shopping Center – another commercial development that’s anchored by Publix, and will include about 18,000 square feet of additional retail space along Otterdale Road.