JLL Capital Markets arranged the sale of the grocery-anchored shopping center near Richmond
JLL Capital Markets announced today that it has closed the $26.25 million sale of Colonial Square, a 168,326-square-foot, Publix-anchored shopping center in the Richmond-area community of Colonial Heights, Virginia.
JLL represented the seller, Colonial Square Associates – A Berman Kappler Property. United Hampshire US REIT acquired the asset.
The strong performance by Publix at Colonial Square, drives tremendous shopper traffic as evidenced by the 1.11 million annual store visitors tracked by Placer.AI. The 99-percent-leased center is also home to a diverse tenancy of national and local tenants, including new junior anchor Locke Supply. Originally constructed in 1967, the center was most recently renovated in 2017 when Publix opened.
Colonial Square is located at 3107 Boulevard at the signalized intersection of Boulevard (US Route 301) and East Ellerslie Avenue, which provides visibility to approximately 40,700 vehicles per day. The property is the premier grocery destination of Richmond’s southern suburbs and pulls from an extended trade area that includes 41,000 residents earning an average annual household income of $69,000 within a five-mile radius. Additionally, it is proximate to both Fort Lee, which employs 91,500 people, and Virginia State University’s 4,000 students.
The JLL Retail Capital Markets team representing the seller was led by Senior Director Jordan Lex, Director Daniel Naughton and Managing Director Bill Moylan.
“Investor demand for high-performing grocery-anchored shopping centers continues to surge as a result of desirable risk-adjusted returns and aggressive debt available for buyers,” Lex said.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
About Berman Kappler Properties, LLC
Berman Kappler Properties has acquired over 2,000,000 square feet of office and retail properties. As a real estate development company, Berman Kappler focuses its investment parameters primarily in the secondary and tertiary markets where value enhanced opportunities exist.
Berman Kappler ‘s proven strategy of purchasing value-added properties and effectuating a turnaround through creative financing, aggressive leasing and management efficiencies, has created an impressive and profitable portfolio for Berman Kappler Partnerships. For more information, Bermankappler.com.
About United Hampshire US REIT
United Hampshire US REIT is a Singapore real estate investment trust established with the principal investment strategy of investing in a diversified portfolio of stabilized income-producing grocery-anchored and necessity-based retail properties and modern, climate-controlled self-storage facilities located in the United States. More information on United Hampshire US REIT can be found at www.uhreit.com.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
