Thalhimer Realty, Rebkee Eye Makeover for Aging Richmond Mall

Thalhimer Realty Partners Inc. has teamed up with The Rebkee Company to acquire one of Richmond’s most important commercial retail properties, the Regency Square Mall. The new owners now plan to renovate the mall.

Thalhimer Realty Partners Inc. and the Rebkee Co. have teamed up to acquire Regency Square mall in Richmond.  The new owners  plan to renovate the 40-year-old enclosed retail center, which has been in decline for some years.

The Richmond Times-Dispatch reports that Thalhimer and Rebkee paid $13.1 million to acquire the 450,000-square-foot property from LNR Partners L.L.C., the Miami Beach-based special servicer that took over the loan when it went into default. Taubman Centers Inc. owned the mall between 1987 and 2011, when it turned over the property to the lender in lieu of foreclosure.

Completed in 1975, Regency Square is located between River Road and Interstate 64 in western Henrico County. The property is part of an 820,000-square-foot retail center located off Parham Road. Anchors include Macy’s, J.C. Penney, Sears, and Forever 21. Sephora, Charming Charlie and Victoria’s Secret are among its other national retailers.

Thalhimer and Rebkee did not immediately disclose details of the renovation, but said that it would reach out to the community over the coming months as it develops its strategy. Thalhimer also tapped Cushman & Wakefield | Thalhimer to serve as exclusive leasing representative and property manager.