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Greysteel Facilitates Sale of Shopping Center in Richmond
Greysteel has completed the $9 million sale of Laburnum Park Shopping Center in Richmond, Virginia.
Located at 4320, 4356, and 4396 S Laburnum Avenue, the 61,060-square-foot shopping center features two in-line retail buildings, a standalone retail pad, and a bank pad. The property attracted competitive interest, culminating in 10 offers from prospective buyers. Greysteel’s Ben Wilson represented the seller, a private individual, while also securing the buyer, The Criterion Fund.
“This transaction underscores the growing demand for retail assets in secondary markets, where investors are capitalizing on opportunities to unlock value,” said Wilson. “As evidenced by the number of offers received, properties like Laburnum Park Shopping Center offer investors significant upside potential through rent growth, strategic capital improvements, and operational efficiencies.”
The Criterion Fund, a national investment organization based in Oklahoma, was attracted by the center’s tenant mix of value, service, and need based retail along with strategic location.
