Chesterfield Station
Richmond, VA
| Price | $6,318,000 |
| Cap Rate | 6.75% |
| NOI | $426,416 |
| Lease Term | Various |
| Lease Type | NNN |
| Rental Increases | Various |
| Year Built | 2007 |
| Building Size | 9,827 SF |
| Lot Size | 0.87 Acres (38,041 SF) |
| Status | Available |
| Lead Broker Information | Michael T. Yuras, CCIM Cushman & Wakefield 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Senior Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Vincent Aicale Cushman & Wakefield 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Cushman & Wakefield 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Cushman and Wakefield Inc. LIC. # 00616335 This property is listed in conjunction with Virginia-licensed real estate broker Sigma National, Inc. |
Investment Highlights
100% LEASED MULTI-TENANT RETAIL CENTER
» Corporate leases to notable national tenants
» Historically strong store sales since center development and opening in 2007
» Features the only Vitamin Shoppe store in South Richmond submarket
» Recent five-year lease extensions from Chipotle and Vitamin Shoppe
» New 2018 tenants include recently opened GameStop and under construction MOD Pizza (opening in 2019)
HIGH-TRAFFIC LOCATION AT ENTRANCE TO CHESTERFIELD TOWNE CENTER
» Excellent visibility and access to 74,000 vehicles per day at signalized intersection, with excellent frontage on Midlothian Turnpike and Mall Drive
» Located on parcel in front of—and with parking lot connected to—Chesterfield Towne Center, a 900,000 square foot retail development owned by Brookfield
» Chesterfield Towne Center is 94% occupied, has small shop sales averaging $470 per square foot, and draws from a trade area of over 360,000 within a 20-minute drive
CENTRALLY LOCATED IN RICHMOND’S SECOND LARGEST RETAIL SUBMARKET
» Highly visible location at the busiest commercial crossroads of South Richmond
» Located in the second largest retail submarket in the Richmond metro, with over 7.2 million square feet of inventory
» Approximately 2.7 million square feet of retail space within 1.5 miles of the property
» Within walking distance of Costco, the largest and highest volume wholesale club out of five wholesale club locations in Richmond
STRONG CUSTOMER BASE WITH AFFLUENT DEMOGRAPHICS
» Less than a mile from Johnston-Willis Hospital (292 beds and 1,159 employees), which was recently expanded with a new $10.5 million neurological center
» Strong daytime employment due to housing density, five office parks within five miles, five hotels within three miles, 12 car dealerships and a DMV office within two miles, and AAA and U.S. post office just north of the property on Mall Drive
» 128,849 residents with an average household income of $109,218 within a five-mile radius
Property Description
The property is prominently located at the signalized intersection of Midlothian Turnpike and Mall Drive, with excellent visibility and access to 74,000 vehicles per day in front of the property. The property is located in front of and is connected to Chesterfield Towne Center, a 900,000 square foot retail center owned by Brookfield, which draws from a trade area of more than 360,000. A retail cornerstone for the affluent community it serves, Chesterfield Towne Center features more than 140 shops, eateries, and department stores, including Macy’s, JCPenney, Sears, Ulta, H&M, Barnes & Noble, At Home, T.J. Maxx, HomeGoods, Old Navy, and Kirkland’s. Chesterfield Towne Center has 94% occupancy and has small shop sales averaging $470 per square foot. The dense retail area surrounding the property is the second largest retail submarket in the Richmond metro, with more than 7.2 million square feet of inventory. Due to its prime location in the middle of this submarket, the property is surrounded by approximately 2.7 million square feet of retail space within one and a half miles. Notable tenants in this area include Fresh Market, DSW, Walmart, Aldi, Best Buy, Lowe’s, Target, and many more. The property is also within walking distance of the largest and most profitable Costco in the Richmond area, with the highest sales volume of all five wholesale clubs in Richmond.
The property is centrally located near large schools, major employers, and affluent residential neighborhoods. Johnston-Willis Hospital (292 beds and 1,159 employees) is less than a mile from the property, and several schools—including Midlothian High School (1,563 students), Robious Middle School (1,295 students), and Midlothian Middle School (1,246 students)—are just minutes away. Five office parks are located within five miles of the property, contributing to the area’s strong daytime employment. Additionally, the property is supported by a large, wealthy customer base; 128,849 residents with an average household income of $109,218 live within a five-mile radius of the property.
