Selling Property

Marchetti Properties unloads five shopping facilities for $125M

An own family of nearby retail developers went on a nine-determine promoting spree last month.

Henrico-based Marchetti Properties in latest weeks offered at the least five of its big grocery-anchored purchasing centers to a Northern Virginia customer for a total of approximately $a hundred twenty-five million, consistent with deeds recorded in Henrico and Chesterfield.

The offers involved Staples Mill Marketplace, Parham Plaza, Ridge Shopping Center and the Staples Mill Square retail complexes in Henrico County; and the Wegmans-anchored Stonehenge Village buying center in Chesterfield County.

Vienna-based Rosenthal Properties become the purchaser, county facts show. The deals closed in the past due February.

Gregory Jacobsen, Rosenthal vice president of acquisitions, stated in an electronic mail that it purchased additional local houses from the Marchetti, however, could no longer expose the places as of Friday evening. He said extra info concerning the transactions might be coming.

Representatives from Marchetti Properties couldn’t be reached for comment.

With its acquisition of the retail facilities complete, Rosenthal, an especially new participant in the region, now owns as a minimum 600,000 rectangular ft of retail space in some of Richmond’s most profitable suburban marketplaces.

Each middle is anchored via a prime grocery tenant, with outparcels that sit alongside corridors fetching a number of the highest site visitors counts inside the area.

Stats at the houses
Stonehenge Village at 12501 and 12601 Stone Village Way in Chesterfield consists of the 119,000-square-foot Wegmans assets and an adjacent seventy-one, three hundred-rectangular-foot retail middles, which both opened in 2015. The center additionally consists of four outparcels fronting Midlothian Turnpike that has sprouted a Taco Bell, Mission BBQ, Panda Express and Essex Bank within the closing yr.

Staples Mill Marketplace at 9000-9120 Staples Mill Road turned into built in 2014, anchored with the aid of a 124,000-rectangular-foot Kroger Marketplace next to a 25,500-square-foot strip housing numerous restaurants and provider stores which include Massage Luxe, Firehouse Subs, and Smoke Pit Grill. The acquisition also consists of outparcels that house a Panda Express, Zaxby’s and a future Valvoline Oil Change; and 1.Five- and 1.Four-acre outparcel pad web sites along Hungary Spring Road for development.

Staples Mill Square at 9001 Staples Mill Road became built in 2008 and is anchored using Petco. Its outparcels house McDonald’s, Aldi, Taco Bell, Union Bank, and America’s Tire. The sale does no longer consist of the 128,000-square-foot Target or the 1.3-acre Chipotle outparcel alongside Staples Mill Road.
The Walmart-anchored Parham Plaza at 1518-1532 N. Parham Plaza is a 182,000-square-foot retail center that consists of a Petco and Advance Auto Parts. T.J. Maxx is constructing out a 21, one hundred-rectangular-foot store in the center. It also includes a small strip center at 1502 N. Parham Road that homes Helzberg Diamonds and T-Mobile.

Rosenthal also choices up to the ninety-seven,000-square-foot Ridge Shopping Center at 1500-1552 N. Parham Road. This includes a wooded outparcel at 1631 N. Parham Road, the Chick-fil-A and Sugar Shack Donuts out parcels, and the two big strip facilities anchored by using Fresh Market.

The bulk of Rosenthal’s holdings are inside the Washington, D.C. Metro vicinity. It additionally manages the West Broad Marketplace retail center in Short Pump, which become bought about years in the past to Washington, D.C.-based MetLife Real Estate Investors for $74 million.

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