Regency Square owners snatch up old Sears auto site on mall’s outskirts

Regency Square Mall is undergoing a $35 million redevelopment that could include about 1,000 apartments. (Photos by J. Elias O’Neal)

The owners of the ever-evolving Regency Square have secured another piece of their puzzle as they continue to plot the mall’s future.

The Rebkee Co. and Thalhimer Realty Partners last month purchased the 3-acre former Tire America by Sears site at Regency Square Mall for $2.1 million, according to county real estate records.

Sears was the seller in the April 30 deal. The property most recently was assessed by the county for $1.8 million.

The former Sears Tire America building and parcel were purchaed by Thalhimer Realty Partners and Rebkee Co. in April for $2.1 million.

Mark Slusher, senior vice president of TRP, said the firm has no immediate plans for redeveloping the parcel near the corner of Quioccasin Road and Starling Drive.

The deal gives TRP and Rebkee control of all but two pieces of the surrounding 53-acre mall assemblage after buying the bulk of it in February 2015 for $13.1 million.

The companies still do not own the 160,000-square-foot J.C. Penney building and its surrounding 7 acres, as well as the 1.4-acre Firestone Tire building that fronts North Parham Road. The tenants own those properties.

The Tire America outparcel and its 34,000-square-foot garage building have been a fixture of the mall since it opened in the 1970s, according to property records.

Sears closed its 152,000-square-foot department store at the mall along with its Tire America location in September 2017. Thalhimer and Rebkee Co. bought the department store building and its surrounding 8.7 acres for $3.2 million, according to county property records.

MOD Pizza and Chipotle have opened in a new retail center at Regency Square Mall.

It also owns several outparcel tracts along Quioccasin Road that since have birthed newly built retail strips that house Chipotle Mexican Grill, MOD Pizza and Starbucks.

Other new tenants taking over space within the mall are Surge Trampoline Park, which will fill the former Macy’s North Building, and NOVA Aquatics, which announced in March a public-private partnership with Henrico County to construct an $18 million indoor aquatics center in the former Macy’s South building.

The Tire America deal also allows the development team to continue begin to tie in another component to its plans to revitalize Regency Square: housing.

The firms filed a rezoning application with the county’s planning division in mid-April to have its 36 acres rezoned to urban mixed-use, a designation that allows for a variety of residential and commercial uses.

The mall property is currently zoned B-3, which allows for a mix of commercial uses but restricts any residential development.

Eventually, the development would include a mix of about 1,000 apartment units, and be able to accommodate a mix of commercial spaces such as hotels, movie theaters, breweries and more restaurants.

Panera Bread just opened a new restaurant 4,500-square-foot store on an outparcel near North Parham and Holly Hill roads at Regency Square Mall. A Better Med Urgent Care also is planned. the retail center is for sale for $4.4 million.

Henrico planners and other personnel are reviewing the request. A public hearing for the rezoning, along with county approval, could be slated for the summer.

Meanwhile, TRP and Rebkee are looking to unload part of their Regency holdings. Their newly built, 1.6-acre 6,600-square-foot retail center at 1420 N. Parham Road is on the market for $4.4 million, according to an online listing. The property houses a Panera Bread, a soon-to-open Bettermed Urgent Care and a “to-be-signed lease with a national lending institution,” a flyer states.

Brokers Catharine Spangler and Eric Robison from Cushman & Wakefield | Thalhimer have the listing.

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Michael Dodson
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Is is common the sell off an out-parcel if you are trying to redevelop and control the majority of the site?? Sign of needed cash for center or is it common once out-parcel is built out.

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