{"id":1004308478,"date":"2019-03-14T04:37:11","date_gmt":"2019-03-14T12:37:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004308478"},"modified":"2019-03-14T04:37:11","modified_gmt":"2019-03-14T12:37:11","slug":"rosenthal-pgim-buy-richmond-area-retail-portfolio-for-125m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rosenthal-pgim-buy-richmond-area-retail-portfolio-for-125m\/","title":{"rendered":"Rosenthal, PGIM Buy Richmond-Area Retail Portfolio for $125M"},"content":{"rendered":"
\"\"<\/a>

Grocery-anchored portfolio in Richmond, Va. (image courtesy of PGIM Real Estate)<\/p><\/div>\n

Rosenthal Properties and PGIM Real Estate are now the owners of an approximately 745,000-square-foot, grocery-anchored shopping center portfolio in metropolitan Richmond. The companies formed a joint venture to acquire the group of five retail properties from Marchetti Properties in a $125 million transaction.<\/p>\n

The collection of first-class shopping centers includes the 165,000-square-foot Staples Mill Marketplace; the 95,000-square-foot Staples Mill Square; Parham Plaza, a 177,000-square-foot property; Ridge Shopping Center, which features 100,000 square feet of space; and the 205,000-square-foot Stonehenge Village. <\/p>\n

\u201cSolid economic and demographic trends in the Richmond submarkets are supporting retail sales growth, and we expect this portfolio of high-quality and well-located necessity retailers will benefit from pro-business initiatives that will continue to attract an array of industries,\u201d<\/em> Alfonso Munk, Americas chief investment officer for PGIM Real Estate, said in a prepared statement.<\/p>\n

\"Stonehenge<\/a>

Stonehenge Village (image via Google Street View)<\/p><\/div>\n

The portfolio, which also features developable outparcels, is currently approximately 95 percent leased and counts on its list of anchors such national grocers and discounters as Aldi, Kroger, T.J. Maxx, Walmart and Wegmans.<\/p>\n

Rosenthal will take on the role of operating partner of the joint venture and will oversee managing and leasing at the properties.  <\/p>\n

Rosenthal\u2019s Gregory Jacobsen orchestrated the transaction, along with PGIM Real Estate\u2019s Todd Goldberg, Rushabh Shah and Glenn Rosenthal. Connie Jordan Nielsen with Cushman & Wakefield Thalhimer represented seller Marchetti and will join Rosenthal in spearheading leasing at the portfolio.<\/p>\n

All\u2019s rosy in Richmond retail<\/strong><\/h2>\n

Rosenthal and PGIM Real Estate plan to inject new life into the portfolio with the development of the available outparcels and a reworking of the mix of national and local tenants. The Richmond market is thriving right now, so the timing appears right for new development and the shuffling of tenants.<\/p>\n

The vacancy rate in Richmond has been on a steady decline since 2013, dropping to just 4.5 percent in the fourth quarter of 2018, per a report by Thalhimer. And with average rental rates having increased roughly 5.8 percent in the last 12 months, Richmond\u2019s retail market is a huge draw for investors and managers alike<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The companies have formed a joint venture to acquire the 745,000-square-foot collection of five grocery-anchored shopping centers from Marchetti Properties. <\/p>\n","protected":false},"author":969,"featured_media":1004308487,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,11,21742,21749,36153],"tags":[32799,34714,43130,38768],"class_list":["post-1004308478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-midatlantic","category-latest","category-retail","category-richmond-hampton-roads","tag-cushman-wakefield","tag-pgim-real-estate","tag-rosenthal-properties","tag-thalhimer"],"acf":[],"yoast_head":"\nRosenthal, PGIM Buy Richmond-Area Retail Portfolio for $125M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/rosenthal-pgim-buy-richmond-area-retail-portfolio-for-125m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rosenthal, PGIM Buy Richmond-Area Retail Portfolio for $125M\" \/>\n<meta property=\"og:description\" content=\"The companies have formed a joint venture to acquire the 745,000-square-foot collection of five grocery-anchored shopping centers from Marchetti Properties.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/rosenthal-pgim-buy-richmond-area-retail-portfolio-for-125m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-14T12:37:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Grocery-anchored-portfolio-Richmond-Va..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rosenthal-pgim-buy-richmond-area-retail-portfolio-for-125m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/rosenthal-pgim-buy-richmond-area-retail-portfolio-for-125m\/\",\"name\":\"Rosenthal, PGIM Buy Richmond-Area Retail Portfolio for $125M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rosenthal-pgim-buy-richmond-area-retail-portfolio-for-125m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rosenthal-pgim-buy-richmond-area-retail-portfolio-for-125m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Grocery-anchored-portfolio-Richmond-Va..jpg\",\"datePublished\":\"2019-03-14T12:37:11+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rosenthal-pgim-buy-richmond-area-retail-portfolio-for-125m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/rosenthal-pgim-buy-richmond-area-retail-portfolio-for-125m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rosenthal-pgim-buy-richmond-area-retail-portfolio-for-125m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Grocery-anchored-portfolio-Richmond-Va..jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Grocery-anchored-portfolio-Richmond-Va..jpg\",\"width\":800,\"height\":620,\"caption\":\"Grocery-anchored portfolio in Richmond, Va. (image courtesy of PGIM Real Estate)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rosenthal-pgim-buy-richmond-area-retail-portfolio-for-125m\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Rosenthal, PGIM Buy Richmond-Area Retail Portfolio for $125M\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\",\"name\":\"Barbra Murray\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g\",\"caption\":\"Barbra Murray\"},\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/barbra-murray\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Rosenthal, PGIM Buy Richmond-Area Retail Portfolio for $125M - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/rosenthal-pgim-buy-richmond-area-retail-portfolio-for-125m\/","og_locale":"en_US","og_type":"article","og_title":"Rosenthal, PGIM Buy Richmond-Area Retail Portfolio for $125M","og_description":"The companies have formed a joint venture to acquire the 745,000-square-foot collection of five grocery-anchored shopping centers from Marchetti Properties.","og_url":"https:\/\/www.commercialsearch.com\/news\/rosenthal-pgim-buy-richmond-area-retail-portfolio-for-125m\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2019-03-14T12:37:11+00:00","og_image":[{"width":800,"height":620,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Grocery-anchored-portfolio-Richmond-Va..jpg","type":"image\/jpeg"}],"author":"Barbra Murray","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/rosenthal-pgim-buy-richmond-area-retail-portfolio-for-125m\/","url":"https:\/\/www.commercialsearch.com\/news\/rosenthal-pgim-buy-richmond-area-retail-portfolio-for-125m\/","name":"Rosenthal, PGIM Buy Richmond-Area Retail Portfolio for $125M - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/rosenthal-pgim-buy-richmond-area-retail-portfolio-for-125m\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/rosenthal-pgim-buy-richmond-area-retail-portfolio-for-125m\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Grocery-anchored-portfolio-Richmond-Va..jpg","datePublished":"2019-03-14T12:37:11+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/rosenthal-pgim-buy-richmond-area-retail-portfolio-for-125m\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/rosenthal-pgim-buy-richmond-area-retail-portfolio-for-125m\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/rosenthal-pgim-buy-richmond-area-retail-portfolio-for-125m\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Grocery-anchored-portfolio-Richmond-Va..jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Grocery-anchored-portfolio-Richmond-Va..jpg","width":800,"height":620,"caption":"Grocery-anchored portfolio in Richmond, Va. (image courtesy of PGIM Real Estate)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/rosenthal-pgim-buy-richmond-area-retail-portfolio-for-125m\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Rosenthal, PGIM Buy Richmond-Area Retail Portfolio for $125M"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32","name":"Barbra Murray","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g","caption":"Barbra Murray"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/barbra-murray\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Grocery-anchored-portfolio-Richmond-Va..jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004308478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/969"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004308478"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004308478\/revisions"}],"predecessor-version":[{"id":1004308493,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004308478\/revisions\/1004308493"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004308487"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004308478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004308478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004308478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}