The entirety of White Oak Village spans over 100 acres in Eastern Henrico. (Mike Platania photo)
The bulk of a sprawling Sandston-area shopping center has changed hands.
Last week White Oak Village at 4501-4591 Laburnum Ave. sold for $63.5 million, Henrico records show.
The new owner of the retail development is Triple Bar Group, a division of Pennsylvania-based investment firm J.C. Bar Properties. Triple Bar Group bought 398,000 square feet of retail space that’s occupied by tenants like Publix, Burlington and JCPenney.
Some of White Oak Village’s anchor buildings housing Target, Lowe’s and a T-Mobile call center were not included in the deal, as those tenants remain their own landlords. Also excluded from the deal were a series of restaurant outparcels fronting Laburnum Avenue, most of which are owned by Site Centers Corp., a Cleveland-based REIT that was the seller in Triple Bar’s deal. Site Centers had purchased White Oak Village in 2014 for $70.3 million.
Spanning over 100 acres in eastern Henrico, White Oak Village was built in the late 2000s and is now about 94 percent occupied.
At $63.5 million, the sales price was below the properties’ most recent assessed value of $77 million, per county records. The Sept. 17 deal was brokered by Thalhimer’s Catharine Spangler and John Owendoff.
J.C. Bar dates back to 2006 and owns around 24 retail properties throughout the Mid-Atlantic and Midwest, including the Tuckernuck Plaza shopping center on the other side of Henrico County.
J.C. Bar CEO Rob Gothier Jr. said the firm created Triple Bar Group in 2020 as a fund to specifically seek out grocery-anchored shopping centers. It now has 10 in its portfolio, and White Oak Village is its first in Virginia.
“I love Publix and that Publix does very good volume there,” Gothier said. “I like the Richmond market and I think it’s a very stable asset.”
Since Publix first arrived in Richmond in 2017, shopping centers anchored by the Florida-based grocer have traded regularly. In recent years, the Publix-anchored centers in Chesterfield, Glen Allen and Colonial Heights have all changed hands, and most recently, Publix itself bought the Harbour Pointe Village center in Midlothian.