The Wegmans-anchored Stonehenge Village shopping center has sold for the second time in four years. (Mike Platania photo)
Four years after a local family sold them off to a Northern Virginia buyer, a quartet of grocery-anchored shopping centers in the region are once again under new ownership thanks to a nine-figure deal.
Rosenthal Properties last week sold Parham Plaza, Staples Mill Square, Stonehenge Village and Ridge Shopping Center for a combined $110 million, according to Henrico and Chesterfield county property records. The four shopping centers total around 592,000 square feet.
The buyer was an entity tied to New York City-based private equity firm H.I.G. Realty Partners. The deals were recorded on May 31.
Rosenthal had purchased the four shopping centers from local firm Marchetti Properties in 2019 for a total of $98.5 million. That deal also included the Staples Mill Marketplace, a Kroger-anchored shopping center at 9000 Staples Mill Road; however, that center was not included in this latest deal and is still listed as owned by Rosenthal in Henrico records.
The Wegmans-anchored Stonehenge Village fetched the highest price of the bunch at $53 million. (BizSense file)
The largest of the four latest deals was the $53 million paid for the Wegmans-anchored Stonehenge Village at 12501 Stone Village Way in Chesterfield. The next largest deal was the $20.3 million sale of the Ridge Shopping Center at 1631 N. Parham Rd., which is anchored by Fresh Market.
Staples Mill Square, anchored by Aldi at 8951 Staples Mill Road, sold for $19.4 million, and the Walmart-anchored Parham Plaza center at 1631 N. Parham Road sold for $17.3 million.
The purchase of the four Richmond-area properties was done through a joint venture that involved FarmViewVentures and allowed Rosenthal to remain a part owner. H.I.G. owns 90 percent and the others each own 5 percent, according to a FarmViewVentures spokesman.
Newmark, a New York-based brokerage that recently established a Richmond office, arranged equity financing for the deal.
Neither H.I.G. nor Rosenthal responded to requests for comment by press time. JLL’s Jordan Lex represented Rosenthal in the deals.
H.I.G., according to its website, is a privately held company that invests in hospitality, multifamily and industrial assets, typically in deals between $25 million and $200 million. The firm touts that it’s invested in over $7 billion in assets in its 30-year history.
Little is known about New York-based FarmViewVentures.
The sale is one of the largest commercial real estate portfolio deals the region has seen in 2023, edging out Lingerfelt’s $106 million industrial sale earlier this spring. Much like the multifamily apartment market, sales of shopping centers in the region have been slowed by rising interest rates and the broader economic landscape.
The Wegmans-anchored Stonehenge Village shopping center has sold for the second time in four years. (Mike Platania photo)
Four years after a local family sold them off to a Northern Virginia buyer, a quartet of grocery-anchored shopping centers in the region are once again under new ownership thanks to a nine-figure deal.
Rosenthal Properties last week sold Parham Plaza, Staples Mill Square, Stonehenge Village and Ridge Shopping Center for a combined $110 million, according to Henrico and Chesterfield county property records. The four shopping centers total around 592,000 square feet.
The buyer was an entity tied to New York City-based private equity firm H.I.G. Realty Partners. The deals were recorded on May 31.
Rosenthal had purchased the four shopping centers from local firm Marchetti Properties in 2019 for a total of $98.5 million. That deal also included the Staples Mill Marketplace, a Kroger-anchored shopping center at 9000 Staples Mill Road; however, that center was not included in this latest deal and is still listed as owned by Rosenthal in Henrico records.
The Wegmans-anchored Stonehenge Village fetched the highest price of the bunch at $53 million. (BizSense file)
The largest of the four latest deals was the $53 million paid for the Wegmans-anchored Stonehenge Village at 12501 Stone Village Way in Chesterfield. The next largest deal was the $20.3 million sale of the Ridge Shopping Center at 1631 N. Parham Rd., which is anchored by Fresh Market.
Staples Mill Square, anchored by Aldi at 8951 Staples Mill Road, sold for $19.4 million, and the Walmart-anchored Parham Plaza center at 1631 N. Parham Road sold for $17.3 million.
The purchase of the four Richmond-area properties was done through a joint venture that involved FarmViewVentures and allowed Rosenthal to remain a part owner. H.I.G. owns 90 percent and the others each own 5 percent, according to a FarmViewVentures spokesman.
Newmark, a New York-based brokerage that recently established a Richmond office, arranged equity financing for the deal.
Neither H.I.G. nor Rosenthal responded to requests for comment by press time. JLL’s Jordan Lex represented Rosenthal in the deals.
H.I.G., according to its website, is a privately held company that invests in hospitality, multifamily and industrial assets, typically in deals between $25 million and $200 million. The firm touts that it’s invested in over $7 billion in assets in its 30-year history.
Little is known about New York-based FarmViewVentures.
The sale is one of the largest commercial real estate portfolio deals the region has seen in 2023, edging out Lingerfelt’s $106 million industrial sale earlier this spring. Much like the multifamily apartment market, sales of shopping centers in the region have been slowed by rising interest rates and the broader economic landscape.
Just a way to not pay taxes on capital gains while passing on the expenses of a higher selling price to consumers. Yay.