JLL Capital Markets arranged the sale and acquisition financing for Parham Plaza, Ridge Shopping Center, Staples Mill Square and Stonehenge Village, totaling approximately 592,000 square feet
News release
Four grocery-anchored retail properties sell in Richmond, Virginia
Your browser doesn't support speech synthesis.
Listen to article •
: 1 sec
WASHINGTON, D.C., June 6, 2023 – JLL Capital Markets announced today that it has closed sale of and acquisition financing for a four-property, 592,000-square-foot, grocery-anchored retail portfolio located in Richmond, Virginia.
JLL represented the seller, a global real estate investment management firm, and H.I.G. Realty Partners, FarmViewVentures LLC and Rosenthal Partners acquired the portfolio. JLL also worked on behalf of the new owners to secure the five-year loan through Eagle Bank.
The portfolio is 95-percent leased or under LOI and features a WALT of about 9 years. The properties include:
· Parham Plaza Richmond, anchored by Walmart Supercenter (1502 - 1532 N. Parham Rd., Richmond, VA)
· Ridge Shopping Center, anchored by The Fresh Market (1503 - 1567 N. Parham Rd., Richmond, VA)
· Staples Mill Square, anchored by Aldi (8943 - 9097 Staples Mill Rd., Henrico, VA)
· Stonehenge Village, anchored by Wegmans (12501 - 12715 Stone Village Way in Midlothian, VA)
The portfolio benefits from a population of 82,000 people within three miles and an average household income of $113,000.
The JLL Capital Markets Retail Investment Sales and Advisory Team was led by Jordan Lex, Bill Moylan, Daniel Naughton and Tom Kolarczyk. Susan Carras and Evan Parker led the JLL Capital Markets Retail Debt Advisory Team.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.