Cole Real Estate Investments based in Phoenix has purchased The Shops at White Oak Village in eastern Henrico County for $68 million. The seller was Cleveland-based Forest City Enterprises Inc, which developed the nearly 1 million square foot center in 2008 at a cost of about $160 million.
According to a press release, Cole Real Estate purchased about 433,500 square feet of the center. Located on Laburnum Road, near Richmond International Airport and just off Interstates 64 and 295, White Oak Village includes national retailers such as Target, Lowes and JCPenney as well as smaller shops. According to its new owner, it is 95.5 percent leased.
The purchase was one of three retail centers acquired and announced by Cole. The company has been one of the most active acquirers of core commercial real estate with about $2 billion of acquisitions year-to-date, including more than $650 million of multi-tenant retail. According to Real Capital Analytics, Cole is the No. 3 acquirer of retail properties and the No. 4 acquirer of all property types for the past three years, excluding joint ventures.
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