JRE Partners JV Pays $80M for Richmond’s Largest Enclosed Mall

JRE Partners and Anastacia AG have purchased Chesterfield Towne Center, a 1 million-square-foot retail center in Richmond, Va., and have selected Pacific Retail Capital Partners to manage the asset. The property traded for $80 million or $80 per square foot, Richmond BizSense reported. Brookfield Properties previously owned the shopping center, Yardi Matrix data shows.

Completed in 1976 on a 74-acre site, Chesterfield Towne Center is currently the largest enclosed mall in the Richmond area, drawing 5.8 million annual visitors from a 5-mile radius where average household incomes reach $106,083, according to PRCP data. The new owners are considering the asset’s redevelopment.

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Anchored by Macy’s, JCPenney, At Home and T.J.Maxx, Chesterfield Towne Center has more than 130 national retailers on its roster, including Ulta Beauty, Barnes & Noble, Foot Locker, H&M and PacSun.

The property is at 11500 Midlothian Turnpike, just off the interchange with Virginia State Route 147. The location is part of a dense retail corridor that also includes Chesterfield Crossing, Towne Crossing Shops and Chesterfield Marketplace, among others. Downtown Richmond is 12 miles northeast.

Richmond’s retail market holds the line

The Richmond retail market has seen $223 million in investment sales year-to-date through September, according to a third-quarter CBRE report. In one of the largest deals, InvenTrust acquired West Broad Marketplace for $86 million or roughly $223 per square foot.

Meanwhile, leasing activity slowed quarter-over-quarter across the metro, the vacancy rate clocking in at 4.4 percent. Experiential retail accounted for many of the new leases.