Industries Commercial Real Estate

Oxbridge Square Shopping Center in Chesterfield sells for $12.5 million

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Oxbridge Square, a 127,801-square-foot shopping center, has sold for $12.5 million to PMAT Acquisition LLC, a real estate investment and development company based in Louisiana.  Located at the intersection of U.S. route 360 and Courthouse Road in Chesterfield County, the center is anchored by a Martin’s grocery store, and is about 79 percent leased. Other tenants include national retailers such as Harley Davidson and Starbucks. Michael Cleeman, of New York-based Cohen and Co. Inc. Real Estate, represented the buyer. He said in a statement that PMAT is “an opportunistic value-add buyer” that was willing to go out of its normal acquisition territory to purchase Oxbridge Square.  “They saw a great opportunity to add value by renovating and leasing up the center to bring the property back to its full potential.  PMAT has shown great success in turning around many retail centers throughout the southeast and will no doubt be successful in the Virginia market as well.” 

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