Private buyers have purchased two properties – a multi-tenant property leased to Aspen Dental and Sleep Number, and a standalone property leased to Chipotle – in a popular Richmond shopping center for $4,010,000 and $1,375,000, respectively.
The outparcel properties are located in Bermuda Square, at 12531-12533 Richmond Highway in the suburb of Chester.
Michael Brewster and Brad Peterson of the Colliers East Coast Investment Team represented the sellerâ€”a Texas-based family office. Jay Oâ€™Donnell and Jeff Fritz of Colliers were also involved.
â€œThese properties have strong tenants with long-term leases or long-standing success at the center, making them a great investment for the buyers,â€ said Brewster, Vice President of Colliers. â€œFurther, all three tenants are national, category leaders that benefit from the unparalleled access, visibility, and cross-shopping at the intersection near I-95.â€
Since 2020, the Colliers East Coast Retail Investment Team has brokered the sale of seven single-tenant or outparcel components of Bermuda Square to six different buyers, including out-of-state investors, local buyers and a single-tenant real estate investment trust (REIT). During that time, the shopping center has added national retailers such as Burlington and Hobby Lobby. Currently, the team has 15,894 square feet of space listed for sale at the same shopping center.
â€œStructuring a deal in this way â€“ where the shopping center is split up and sold off as several smaller components, rather than selling the entire center to a single buyer â€“ is a great strategy for investors looking to maximize returns,â€ said Peterson, Vice Chairman of Colliers. â€œThe sum of the parts is often greater than a single transaction, which ensures that we get the best return for our clients.â€
Kasey Brennan | True Blue Communications
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