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Net-Leased Retail Portfolio in Virginia Trades for $35M

JLL has arranged the $35.2 million sale of a five-building retail portfolio totaling 24,867 square feet in the Richmond, VA metro area. The properties are occupied on long-term, triple-net leases with convenience store chain Wawa.

The portfolio consists of properties located at 6001 Iron Bridge Rd. in Richmond; 8800 Brook Rd. in Glen Allen; 3840 N. Bailey Bridge Rd. in Midlothian; and 600 E Hundred Rd. and 11021 Iron Bridge Rd. in Chester. The properties were built between 2000 and 2001 and recently received lease extensions to 20 years.

Marc Mandel, Steve Schrenk, Jordan Lex and Chris Hew of JLL represented the seller, a joint venture partnership between Provco, Goodman Properties and Pineville Properties, in the transaction. The buyer purchased the assets in a 1031 exchange transaction and was represented by Patrick Luther of SRS Real Estate Partners and Phil Sambazis of Marcus and Millichap.

Connect With JLL’s Mandel

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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