{"id":1004781458,"date":"2025-12-15T05:41:16","date_gmt":"2025-12-15T13:41:16","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004781458"},"modified":"2025-12-15T05:41:18","modified_gmt":"2025-12-15T13:41:18","slug":"jre-partners-jv-pays-80m-for-richmonds-largest-enclosed-mall","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jre-partners-jv-pays-80m-for-richmonds-largest-enclosed-mall\/","title":{"rendered":"JRE Partners JV Pays $80M for Richmond\u2019s Largest Enclosed Mall"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/image_aa892e.png\"><img loading=\"lazy\" decoding=\"async\" width=\"532\" height=\"399\" data-attachment-id=\"1004781467\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/image-50\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/image_aa892e-edited.png\" data-orig-size=\"532,399\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Lakewood Center in Lakewood, Calif.\" data-image-description=\"&lt;p&gt;Image courtesy of Pacific Retail Capital Partners.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Exterior shot of Lakewood Center, a 2 million-square-foot super regional shopping mall in Lakewood, Calif.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/image_aa892e-edited.png?w=532\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/image_aa892e-edited.png\" alt=\"Exterior shot of Lakewood Center, a 2 million-square-foot super regional shopping mall in Lakewood, Calif.\" class=\"wp-image-1004781467\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/image_aa892e-edited.png 532w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/image_aa892e-edited.png?resize=300,225 300w\" sizes=\"auto, (max-width: 532px) 100vw, 532px\" \/><\/a><figcaption class=\"wp-element-caption\">Pacific Retail Capital Partners owns The Shops at Palm Desert, a nearly 1 million-square-foot mall in Palm Desert, Calif. <em>Image courtesy of Pacific Retail Capital Partners<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>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, <a href=\"https:\/\/richmondbizsense.com\/2025\/12\/15\/chesterfield-towne-center-sells-for-80m-to-out-of-town-buyers-mulling-potential-redevelopment\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><em>Richmond BizSense<\/em> reported<\/a>. Brookfield Properties previously owned the shopping center, Yardi Matrix data shows.<\/p>\n\n\n\n<p>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&#8217;s redevelopment.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO: <\/strong><a href=\"https:\/\/www.commercialsearch.com\/news\/retail-market-trends\/\">Retail Industry Trends<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Anchored by Macy&#8217;s, JCPenney, At Home and T.J.Maxx, Chesterfield Towne Center has more than 130 national retailers on its roster, including Ulta Beauty, Barnes &amp; Noble, Foot Locker, H&amp;M and PacSun. <\/p>\n\n\n\n<p>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. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-richmond-s-retail-market-holds-the-line\">Richmond&#8217;s retail market holds the line<\/h2>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pacific Retail Capital Partners will manage the property going forward.<\/p>\n","protected":false},"author":3619,"featured_media":1004781467,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,21742,21749,36153],"tags":[34941],"class_list":["post-1004781458","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midatlantic","category-latest","category-retail","category-richmond-hampton-roads","tag-pacific-retail-capital-partners"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>JRE Partners JV Pays $80M for Richmond\u2019s Largest Enclosed Mall - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"JRE Partners and Anastacia AG bought Chesterfield Towne Center, a retail center in Richmond, Va., from Brookfield Properties.\" \/>\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\/jre-partners-jv-pays-80m-for-richmonds-largest-enclosed-mall\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JRE Partners JV Pays $80M for Richmond\u2019s Largest Enclosed Mall\" \/>\n<meta property=\"og:description\" content=\"JRE Partners and Anastacia AG bought Chesterfield Towne Center, a retail center in Richmond, Va., from Brookfield Properties.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/jre-partners-jv-pays-80m-for-richmonds-largest-enclosed-mall\/\" \/>\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=\"2025-12-15T13:41:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T13:41:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/image_aa892e-edited.png\" \/>\n\t<meta property=\"og:image:width\" content=\"532\" \/>\n\t<meta property=\"og:image:height\" content=\"399\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Maria Maruta\" \/>\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\/jre-partners-jv-pays-80m-for-richmonds-largest-enclosed-mall\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/jre-partners-jv-pays-80m-for-richmonds-largest-enclosed-mall\/\",\"name\":\"JRE Partners JV Pays $80M for Richmond\u2019s Largest Enclosed Mall - 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