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 do not show the mall’s 2013 sale price or its current assessed value. 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.