Industries Commercial Real Estate

Henrico County shopping center sells for $7.6 million

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The Shoppes at Twin Oaks in Henrico County has sold for $7.6 million to the Virginia Beach-based Kotarides family, which has building, development and property management concerns.

Cushman & Wakefield | Thalhimer’s Capital Markets Group in Richmond represented Cohen Equities in the sale of the property at 3601-3641 Cox Road near the Innsbrook Corporate Center.

KG1 Twin Oaks LLC, an entity controlled by the Kotarides family, purchased the 39,117-square-foot retail center that was 94 percent leased at the time of the sale. According to Thalhimer, tenants include Bank of America’s home loans office, West End Crossfit, Plaza Del Rey and Tahoe’s Restaurant.

“There was a significant amount of interest in Twin Oaks from a variety of investors which resulted in a very competitive bid process,” Cathy Spangler with Cushman & Wakefield | Thalhimer’s Capital Markets Group, said in a statement.  “We ultimately selected Kotarides based not only on their attractive offer, but also their stellar reputation to efficiently close on deals such as this one.”

Eric Robison and Catharine Spangler of Cushman & Wakefield | Thalhimer, completed the sale.  The shopping center has changed hands several times since it was initially built in 2006.

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