Rafinia Buys 56 KSF Shopping Center in Virginia
- Nov 16, 2020
Rafinia Property Group has purchased Orchard Hill Square, a 55,984-square-foot shopping center in Staunton, Va., from H.L. Libby Corp., according to Augusta County records. Colliers brokered the $2.2 million deal.
Vice Presidents Jay O’Donnell and Jeff Fritz of Colliers’ Retail Investment Group worked on behalf of the seller. The asset last traded in 2013, when a private investor sold it for $1.8 million.
The property, located at 11 Orchard Hill Circle, was 83 percent leased at the time of sale, with 9,748 square feet of available space in four suites. Orchard Hill Square is anchored by Food Lion and the University of Virginia Dialysis. The tenant roster also includes T.J. Maxx, Ashley HomeStore and Tractor Supply.
The out-parcel shops’ short term leases of up to three years allow for a potential repositioning in the future. Situated across the street from Staunton Mall, the shopping center is within a 2-mile radius of interstates 81 and 64 and is roughly 2.4 miles south of central Staunton.
Earlier this month, another shopping center in Virginia changed hands for $10.8 million. A joint venture acquired the roughly 83,000-square-foot Parc Place in Richmond from Colony Capital.