The Chesterfield mall dates back nearly 50 years. (Images courtesy Newmark)
The area’s largest enclosed mall is up for grabs.
Chesterfield Towne Center was listed for sale in recent weeks, per a marketing flier from brokerage Newmark.
The 1 million-square-foot mall off Midlothian Turnpike dates back to the 1970s and most recently changed hands in 2013.
The seller is Brookfield Properties, a real estate giant out of New York that came to own the mall in 2016 when it acquired Rouse Properties, the firm that bought the property in 2013.
Built in 1975, Chesterfield Towne Center is the largest enclosed mall in the region. It’s around 85 percent occupied, with anchor tenants like JCPenney, Macy’s and At Home. Newer arrivals at the mall include a pair of restaurants from Lindsey Food Group, Kali Love and ML Steak, as well as local retailer PopUp RVA.
The listing, which does not specify an asking price, includes Chesterfield Towne Center Plaza at 11304 Midlothian Turnpike, an outparcel across Mall Drive that’s anchored by Ross Dress For Less.
In total, the listing consists of nearly 82 acres and 1.03 million square feet of retail space.
Chesterfield County property records show the mall and Chesterfield Towne Center Plaza were most recently assessed at a combined $104 million. The 2013 sale was part of a nearly $300 million deal that included another mall in Maryland.
Chesterfield Towne Center is the region’s largest enclosed mall.
Brookfield, which also has a stake in Short Pump Town Center, did not respond to requests seeking comment. The company’s local holdings include a string of apartment buildings along Tobacco Row downtown.
Newmark is marketing the mall as a “unique opportunity to acquire a well-located institutionally owned regional shopping destination at an attractive basis with numerous opportunities to add value.”
Mark Williford, Newmark’s local executive managing director, has the listing along with national colleagues Mat Adler, Thomas Dobrowski and Katharine French. Williford declined to comment.
A handful of other local malls have sold in recent years, including Stony Point Fashion Park, which went for $15 million in 2022.
In Henrico, Regency Square sold in 2015 for $13 million and has since undergone a mixed-use redevelopment. Virginia Center Commons sold for a similar amount in 2021 and is also being redeveloped.
The Chesterfield mall dates back nearly 50 years. (Images courtesy Newmark)
The area’s largest enclosed mall is up for grabs.
Chesterfield Towne Center was listed for sale in recent weeks, per a marketing flier from brokerage Newmark.
The 1 million-square-foot mall off Midlothian Turnpike dates back to the 1970s and most recently changed hands in 2013.
The seller is Brookfield Properties, a real estate giant out of New York that came to own the mall in 2016 when it acquired Rouse Properties, the firm that bought the property in 2013.
Built in 1975, Chesterfield Towne Center is the largest enclosed mall in the region. It’s around 85 percent occupied, with anchor tenants like JCPenney, Macy’s and At Home. Newer arrivals at the mall include a pair of restaurants from Lindsey Food Group, Kali Love and ML Steak, as well as local retailer PopUp RVA.
The listing, which does not specify an asking price, includes Chesterfield Towne Center Plaza at 11304 Midlothian Turnpike, an outparcel across Mall Drive that’s anchored by Ross Dress For Less.
In total, the listing consists of nearly 82 acres and 1.03 million square feet of retail space.
Chesterfield County property records show the mall and Chesterfield Towne Center Plaza were most recently assessed at a combined $104 million. The 2013 sale was part of a nearly $300 million deal that included another mall in Maryland.
Chesterfield Towne Center is the region’s largest enclosed mall.
Brookfield, which also has a stake in Short Pump Town Center, did not respond to requests seeking comment. The company’s local holdings include a string of apartment buildings along Tobacco Row downtown.
Newmark is marketing the mall as a “unique opportunity to acquire a well-located institutionally owned regional shopping destination at an attractive basis with numerous opportunities to add value.”
Mark Williford, Newmark’s local executive managing director, has the listing along with national colleagues Mat Adler, Thomas Dobrowski and Katharine French. Williford declined to comment.
A handful of other local malls have sold in recent years, including Stony Point Fashion Park, which went for $15 million in 2022.
In Henrico, Regency Square sold in 2015 for $13 million and has since undergone a mixed-use redevelopment. Virginia Center Commons sold for a similar amount in 2021 and is also being redeveloped.
In other words: future “data center” and a Sheetz.
No. This mall is doing okay and, as you know, they don’t build data centers on expensive real estate with lots of traffic.
And it will be a WaWa.
WaWa has a good sandwich for a gas station.
Affordable senior housing.
Perfect – Plenty of grocery stores, restaurants and medical services in the area. Estimated sale price 85 million
I love shopping at Chesterfield Towne Center. I’m glad we still have at least one large indoor mall left in the area.
Can’t remember the last time I went to a “Mall”.
Chesterfield Town Center is far more valuable than Regency Square, Stony Point Fashion Square or Virginia Center Commons, but nowhere near the value of Short Pump Town Center.
In my opinion Stony Point will be the next Mall to be re-developed.
Stony Point was redeveloped. It’s now a veritable dog park with open container permissions popular with people who like to dress their canines.
Give it to me for $10M and I’ll turn it into $100M. Get rid of half the parking, it’s not necessary. Turn Macy’s into Senior housing, go vertical. Easy play, let me know if someone wants to go in on it with me
I really think this mall court support 10 and 16 story tall apartment buildings around it in that it has a ton of wasted space.
Looking underneath the sofa cushions to see if I can find enough loose change to take you up on it! 😉
Add a real European style market with food and produce/meat vendors. Like the urban LA farmers market. And I’m in. Does $2k get me a parking spot?
If I owned the mall I would add 2,000 units of apartments in several 10 story tall buildings. In that the mall has a vast empty 10 to 20 acre wasteland of pavement next to it and maybe another hotel to it. And sidewalks along the local roads and EV chargers.
I love malls, if it don’t fit I can put it back on the shelf, unlike online shopping,u have to send it back and wait 2 weeks and pray it fits when it gets back to you..