Cushman & Wakefield Facilitates Sale of Virginia Retail Center
- Mar 18, 2020
Cushman & Wakefield|Thalhimer has facilitated the sale of Orchard Marketplace, a 46,552-square-foot retail property in Daleville, Va. Senior Vice Presidents Eric Robison and Catharine Spangler, along with Vice President Jessica Johnson, were part of the team that worked on behalf of the seller.
Orchard Marketplace traded for $8 million, or $172 per square foot. A partnership between Hackney Real Estate Partners and NewLink Management Group sold the asset to a private investor, according to public records.
Located at 50-110 Market Center Way, the property opened in 2009. At the time of the transaction, Orchard Marketplace was 100 percent leased to anchor tenants Food Lion and Carilion Health Systems, as well as Domino’s Pizza and Donnie D’s Bagel & Deli. Situated along Roanoke Road, the marketplace has a daily traffic of 23,000 vehicles, according to NewLink Management Group data. Additionally, Daleville Town Center Apartments, a 300-resident community, is across the street from the property.
Last year, Cushman & Wakefield|Thalhimer negotiated the sale of Bermuda Square, an 84,064-square-foot shopping center in Chester, Va., on behalf of Giant Food Stores. The property sold for $18.6 million in December.