An aging shopping center on Hull Street Road in Chesterfield might soon get a makeover now that it is in the hands of a new owner.
Louisiana-based PMAT Real Estate Investments LLC purchased the 127,801-square-foot Oxbridge Square shopping center for $12.5 million. The center is located at 1001 Hull Street Road in Chesterfield.
The shopping center is anchored by Martin’s and includes Harley-Davidson, Starbucks, Popeye’s, Subway and UPS as tenants.
The center was 79 percent leased at the time of the sale, said Michael Cleeman, a broker with New York-based Cohen & Cohen who represented the buyer.
“There was a lot of vacancy in the property, and they saw the opportunity to come in and do some renovations to the shopping center and bring the vacancy up to where the property should be,” Cleeman said.
The purchase is PMAT’s first in Virginia, but it has retail and multifamily holdings throughout the Southeast.
Oxbridge Square was built in 1980.
An aging shopping center on Hull Street Road in Chesterfield might soon get a makeover now that it is in the hands of a new owner.
Louisiana-based PMAT Real Estate Investments LLC purchased the 127,801-square-foot Oxbridge Square shopping center for $12.5 million. The center is located at 1001 Hull Street Road in Chesterfield.
The shopping center is anchored by Martin’s and includes Harley-Davidson, Starbucks, Popeye’s, Subway and UPS as tenants.
The center was 79 percent leased at the time of the sale, said Michael Cleeman, a broker with New York-based Cohen & Cohen who represented the buyer.
“There was a lot of vacancy in the property, and they saw the opportunity to come in and do some renovations to the shopping center and bring the vacancy up to where the property should be,” Cleeman said.
The purchase is PMAT’s first in Virginia, but it has retail and multifamily holdings throughout the Southeast.
Oxbridge Square was built in 1980.