Chester shopping center sells for $18.6M
Tenants include PetCo, Starbucks and Chipotle
Bermuda Square shopping center in Chester has been sold for $18.6 million, according to Cushman & Wakefield | Thalhimer’s Capital Markets Group.
Nashville-based Bermuda Square Venture LLC acquired the 84,064-square-foot property, its first investment in the Richmond market, on Nov. 26 from Giant Food Stores, the parent company of Martin’s grocery stores, according to Catharine M. Spangler, senior vice president for Thalhimer’s Capital Markets Group.
Giant purchased the 15-acre property in October 2017 for $14 million following the closure of 19 Martin’s stores in Richmond. The big box space once occupied by Martin’s was still vacant at the time of the sale to Bermuda Square Venture LLC.
Located at the intersection of Jefferson Davis Highway and West Hundred Road, the shopping center is occupied by retailers including PetCo, SunTrust Bank, Starbucks and Chipotle, among others.
Spangler handled the sale negotiations while David Crawford and Pete Waldbauer served as leasing advisers during the disposition.
The shopping center includes two multi-tenant buildings and six single-tenant outparcels along with a roughly 6-acre improved pad site. It’s valued at $221 per square foot.