315,000SF Retail Property in Richmond Finds New Owner
- Mar 06, 2008
The 315,000-square-foot Beaufont Center in Richmond, Va., has moved from the portfolio of GSC/Jon Perel to that of the Bond Cos., courtesy of a recent transaction orchestrated by Marcus & Millichap Real Estate Investment Services.Both the seller, which had owned Beaufont Center for approximately 20 years, and the buyer were represented in the $17 million transaction by real estate investment services firm Marcus & Millichap. Beaufont Center occupies 47 acres where the Midlothian Turnpike meets Chippenham Parkway. The property has a long and varied tenant roster that includes BK Music, Dollar Tree, Wachovia Bank, as well as a handful of eateries. A division of UPS is the largest tenant at the property, making its home in a nearly 170,000-square-foot space. Additionally, the site encompasses approximately six acres of land that are primed for development. “The Beaufont Center is located at such a highly trafficked intersection–it’s the most heavily traveled intersection in the Richmond MSA–and it offers a good redevelopment opportunity in a stable and growing market,” Mike Dillon, a senior director with Marcus & Millichap’s National Retail Group, told CPN today. The undeveloped six-acre parcel, which abuts the Boulders Office Park, can accommodate an additional 100,000 square feet of leasable space. “It will probably be a mixed-use development with a large portion of retail space,” Dillon added. “The project could be tied into the office park behind it, and that … makes the property an excellent opportunity.” During the marketing process, Marcus & Millichap was courted by a bevy of potential buyers eager to snap up a successful shopping center with expansion options in a thriving retail environment. The average direct vacancy rate for retail properties in Richmond is a low 5.9 percent, as per a fourth quarter 2007 report by Thalhimer Commercial Real Estate. With an economy and a population that are growing at a faster pace than the country’s, Richmond is becoming increasingly popular among retailers.