Richmond Retail Asset Trades for $19M

Giant Food Stores has sold an 84,064-square-foot shopping center two years after purchasing the asset from DDR Corp.
Bermuda Square
Bermuda Square. Image via Google Street View

Giant Food Stores has sold Bermuda Square, an 84,064-square-foot neighborhood center in Chester, Va. GBT Realty paid $18.6 million for the retail asset. Giant Food purchased the property in 2017 for $13.7 million from DDR Corp., per Chesterfield County records. Cushman & Wakefield | Thalhimer assisted the seller in the current deal.

Located at 12601–12649 Jefferson Davis Highway, the 15-acre property is at the intersection of U.S. Route 301 and State Route 10, where the combined car traffic totals more than 60,000 vehicles per day. The shopping mall is roughly 15 miles south of downtown Richmond and 2 miles east of downtown Chester.

Bermuda Square consists of two multi-tenant buildings and six single-tenant outparcels, as well as a 6-acre improved pad site initially slated for a Martin’s food store. The current tenant roster includes 18 national, regional and local retailers including PetCo, SunTrust Bank, Starbucks and Chipotle.

Catharine Spangler of Thalhimer’s Capital Markets Group represented the seller in the negotiations, while David Crawford and Pete Waldbauer were the property’s leasing advisors during the transaction. In March, another Cushman & Wakefield | Thalhimer broker assisted Marchetti Properties in a $125 million retail portfolio sale in metro Richmond area.