Search
 

102,000-SF Community Center Fetches $10M

RICHMOND, VA-An affiliate of Beverly, MA-based Brookwood Financial Partners sells the 102,391-sf Shops at the Arboretum to DNA Partners LLC. The property is fully leased, but a main anchor tenant may be leaving soon.

By Brian K. Miller | Updated on July 20, 2005

(For more retail coverage, click GlobeSt.com/RETAIL.)

RICHMOND, VA-The Shops at the Arboretum, a 102,391-sf community shopping center here has changed hands for $10 million. An affiliate of Brookwood Financial Partners LP of Beverly, MA sold the 100% leased property to DNA Partners LLC, which includes a high-net-worth brother and sister from New York City.The Shops at the Arboretum located at the intersection of the Midlothian Turnpike and Powhite Parkway, within the Arboretum Business Park. Anchor tenants are American Family Fitness Center, Staples, Kinko’s and Starbucks, though Staples has not decided whether to renew its 25,000-sf lease at the center. Triple-net rents range from $12- to $19 per sf per month.Brookwood senior managing director and acquisitions chief Thomas Brown says the property is a solid asset that is well located and has performed well, but it was time to sell. “The property has had a very stable occupancy rate during our holding period,” he says. “However, the fulfillment of our business plan and the significant amount of interest in retail centers made it an attractive time to market the asset for sale.”Michael Gorsage of H&R Retail had the disposition assignment and also procured the buyer. Gorsage tells GlobeSt.com that Staples lease runs out in January 2006. A new Office Depot is opening several miles away, so Staples may be waiting to see how that will affect their sales.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.