Cousins Purchases 30-Acre Parcel for Target-Anchored Center

MECHANICSVILLE, VA-Hanover Square South has taken a step closer to reality with the project developer’s recent acquisition of a 30-acre parcel to hold the 500,000-sf retail property consisting of a 195,000-sf Target-anchored center, an additional 180,000 sf of retail space on outparcels, and an existing 110,000-sf BJ’s Wholesale Warehouse. Developer Cousins Properties Inc.’s purchase resulted in a simultaneous deal in which Target Corp. acquired a 10-acre plot from Cousins’ on which to build its 123,800-sf anchor space.

Cousins bought the land through real estate services firm Thalhimer/Cushman & Wakefield, which is currently marketing other parcel’s in the same Richmond area submarket for approximately $200,000 to $225,000 per acre. Retail development land in Richmond, according to the NAI 2004 Global Market Report, typically sells at a minimum of $200,000 per acre.