The Village Marketplace is anchored by Food Lion. (Charlotte Matherly photos)
About 30 retail tenants in Midlothian have a new landlord.
Properties comprising the majority of the Food Lion-anchored Village Marketplace Shopping Center sold for $19.6 million last month.
The buyer was an LLC tied to the SunCap Opportunity Fund, a real estate investment group headquartered in Fort Lauderdale, Florida.
The deal encompasses over 135,000 square feet across about 15 acres in the 13100 block of Midlothian Turnpike. The center’s outparcels housing CVS, McDonald’s, Arby’s and C&F Bank are independently owned and leased and were not included in the sale.
Other tenants in the center include the Buckingham Antique Mall, Kabuto Japanese steakhouse, Kidtopia Salon, H&R Block, Midlothian Book Exchange, Battlegrounds game store, Benjamin Moore, Hallmark, Kultivate Wellness and more.
Kultivate Wellness, a CBD shop, recently shuttered its Short Pump location, but its Midlothian storefront remains open.
The seller was Red Dog Capital LLC, which purchased the properties last year for $12.3 million, according to county records.
SunCap didn’t return requests for comment by press time.
In other regional shopping news, the Parc Place retail strip on West Broad Street sold for $17.6 million and four other Henrico and Chesterfield shopping centers were sold for a combined $110 million earlier this year. Willow Lawn is being eyed for a massive redevelopment, and another Midlothian shopping center is adding apartments.
The Village Marketplace is anchored by Food Lion. (Charlotte Matherly photos)
About 30 retail tenants in Midlothian have a new landlord.
Properties comprising the majority of the Food Lion-anchored Village Marketplace Shopping Center sold for $19.6 million last month.
The buyer was an LLC tied to the SunCap Opportunity Fund, a real estate investment group headquartered in Fort Lauderdale, Florida.
The deal encompasses over 135,000 square feet across about 15 acres in the 13100 block of Midlothian Turnpike. The center’s outparcels housing CVS, McDonald’s, Arby’s and C&F Bank are independently owned and leased and were not included in the sale.
Other tenants in the center include the Buckingham Antique Mall, Kabuto Japanese steakhouse, Kidtopia Salon, H&R Block, Midlothian Book Exchange, Battlegrounds game store, Benjamin Moore, Hallmark, Kultivate Wellness and more.
Kultivate Wellness, a CBD shop, recently shuttered its Short Pump location, but its Midlothian storefront remains open.
The seller was Red Dog Capital LLC, which purchased the properties last year for $12.3 million, according to county records.
SunCap didn’t return requests for comment by press time.
In other regional shopping news, the Parc Place retail strip on West Broad Street sold for $17.6 million and four other Henrico and Chesterfield shopping centers were sold for a combined $110 million earlier this year. Willow Lawn is being eyed for a massive redevelopment, and another Midlothian shopping center is adding apartments.
Lets see….
Bought last year for $12.3 M and sold for $19.6 M a year later. That’s quite a gain in 12 months.
As the saying goes, the easiest way to make $1 million dollars is to start with $10 million…or in this case $12.3 million
Yes, quite a step in one year. Good for the seller! This leads me to wonder if the rental rate will go up for current tentants once new leases are needed, particularly the non-chain entities without corporate backing that are occupants. The place has a pretty good occupancy right now!
This is the only giant strip mall in the village of Midlothian. Tons of surface parking, most of which isn’t used. Hopefully, the new owners will do some infill, renovation, landscaping and make it more pedestrian-friendly.
You make an interesting point. The parking ratio in the Zoning is what led to the sea of asphalt. The vacancy rate of the spaces isn’t too bad here, but at the same time the overall parking lot is underutilized.
True, they could drop in 2 or 3 outparcels without any issues. I’ve never seen that lot full.
Red Dog Capitol made a tidy profit, but it could be they are dumping properties to pay the bond holders on other properties? It’s still looks scary out there in the rising rate environment. It seems no burst yet, but there is an interest rate bubble….
Don’t be surprised when a mixed use permit is issued and apt/townhomes are built.