The sale price was $6.2 million, or $112.72 per sf. Kroger plans to open at the property, which is located at Brookhollow, this summer. The supermarket chain has 10 stores in the Richmond metropolitan area and another under construction.
In an unrelated transaction, PJK Properties, Inc. of Richmond acquires a 17,000-sf retail facility from locally based Southern States Cooperative, Inc., an agricultural cooperative that operates 350 retail locations in the Southeast. PJK paid $1.1 million, or $64.70 per sf for the store, which was previously occupied by locally based Garden South.
PJK then leased the store to the Greener Side, a Williamsburg, VA-based garden center, landscaping and lawn maintenance company. An area broker tells GlobeSt.com the rental rate is about $5 per sf.
In another leasing transaction, locally based Boom Brothers Furniture, which has stores in Colonial Heights near the Southpark Mall in Richmond and another in Virginia Beach, takes on two new leased locations.
One is the former HQ home improvement warehouse, an 84,683-sf retail facility located on West Broad Street near Gaskins Road, where the estimated rental rate is between $7 and $8 per sf, brokers tell GlobeSt.com.
Bloom Brothers also leases a 35,000-sf store, formerly a HomeLife retail unit, adjacent Chesterfield Towne Center on Midlothian Turnpike, where rental rates are reportedly between $4 and $6 per sf.
The Richmond office of Insignia Thalhimer handled all four transactions. David M. Smith and Connie Jordan of Insignia Thalhimer represented Kroger in its Homeplace acquisition. John G. Meyers Jr. handled the Southern States Cooperative sale. Lawrence R. Agnew negotiated both leases for the furniture retailer.
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