JLL Capital Markets closed the sale of the top-performing, 202,578-square-foot Coleman Marketplace in Danville, Virginia
News release
26 July 2023
Super-regional retail center in Virginia trades
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CHARLOTTE, July 26, 2023 – JLL Capital Markets announced today that it has closed the sale of Coleman Marketplace, a 202,578-square-foot, super-regional retail center located in Danville, Virginia.
JLL represented the seller, Trimont Real Estate Advisors. PECK Properties, LLC represented the buyer, Tenants in Common co-owners JMV SPE, LLC; CV SPE, LLC; and CAF2 SPE, LLC, in the acquisition.
The 88-percent-leased, 2008-built Coleman Marketplace is anchored by Marshalls, Ross Dress For Less, Old Navy, Michaels, Burkes Outlet, Bath & Body Works and Rack Room Shoes. The top-performing property receives approximately 3.5 million annual visitors and benefits from shared access points with its shadow anchors, Target and Home Depot.
The center is located at 145/165 Holt Garrison Pkwy and sits along the heavily trafficked US-BUS 29, which features a VPD of 26,000. Within the center’s 30-mile trade radius is nearly two-thirds of the customer base, which is bolstered by proximity to the high-volume transit corridors, and the nearest equivalent shopping center is almost 50 miles away in Greensboro, North Carolina. Additionally, the center benefits from nearby economic drivers, including the soon-to-be constructed Caesars Virginia, Virginia International Raceway, Sovah Health and Averett University.
The JLL Retail Capital Markets team was led by Senior Director Tom Kolarczyk, Managing Director Jordan Lex, Director Daniel Naughton and Analyst Steele Burkett.
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.
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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.
About PECK Properties
PECK Properties (Richmond, Virginia) owns and operates a $100 million portfolio of mixed-use retail shopping centers, grocery anchored retail shopping centers, medical and general office buildings throughout Virginia, as well as in North Carolina and Tennessee. Founded by Richmond native, Josh Peck,CCIM (https://www.linkedin.com/in/peckjosh/) PECK helps individuals participate in in-place, income-producing, commercial real estate offerings. PECK is a licensed real estate brokerage in Virginia and North Carolina.