X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(For more retail coverage, click GlobeSt.com/RETAIL.)

RICHMOND, VA—The Shops at Railey Hill has traded for slightly more than $3 million. Silver Spruce LLC acquired the 14,528-sf strip mall as an investment from Hunter Holdings LCC. The mall, which is located at 115 Heaths Way Rd. in Chesterfield County, is 92% occupied by smaller local tenants such as Huntington Learning Center and Curves.

The mall is located in an active retail area, according to Eric Robison of Thalhimer’s Investment Brokerage Group. “The West end of Midlothian Turnpike and Woolridge Road (where the asset is located) is still benefiting from strong growth around the 288 corridor.”

Robison and L. Birck Turnbull also with Thalhimer’s Investment Brokerage Group represented the buyers. Robison says that strip malls are becoming a favored investment for private investors and 1031 exchanges because of the triple net structure of the leases, which are suited for passive investors.

Comparable sales include a $2.7 million trade of a 8,120-sf strip mall on Broad Street, consisting of two tenants, Hollywood Video and Einstein Bagel. That mall was acquired by a private investor from Washington DC, Robinson says. In Virginia Beach a 7,000-sf mall sold for $2.4 million. It was 100% leased and acquired as part of a 1031 exchange.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.