A Maryland-based real estate investment firm has entered the Richmond market with an eight-figure purchase of a Chesterfield shopping center.
The Oxbridge Square Shopping Center, at the intersection of Hull Street and Courthouse roads, sold last month to Mosaic Realty Partners for $10.2 million.
Mosaic is based in Baltimore and owns eight shopping centers in Northern Virginia, D.C. and Maryland. Founding partner Isaac Pretter said they’ve been looking to get into the Richmond region for a long time now, and will continue to look around the city and the surrounding counties.
“This is our farthest south property. We actually were contacted, I think, because it has a new Big Lots lease and we have a property in Maryland that has a Big Lots as well,” Pretter said.
The deal closed Feb. 4. The 12-acre lot most recently was assessed at $7.8 million, per county property records. The seller was Louisiana-based PMAT Real Estate Investments.
Pretter said they don’t have any plans to renovate the shopping center.
“We think it’s a great location and corner. We plan to try to improve it where we can appearancewise and lease out a couple vacant units. But for the most part we plan to keep it as it is,” he said.
S.L. Nusbaum’s Nathan Shor will handle leasing at the 116,000-square-foot center.
Meanwhile, about a half-mile down Hull Street Road, another commercial strip is having some new activity, as Starbucks is preparing to take over a former Pizza Hut in the Rockwood Square Shopping Center.