Spring Center Joins Parade of Richmond Retail Trades
- Jun 17, 2015
Richmond-area retail properties are selling like hotcakes. The latest property to change hand is Spring Center, located at 7124 Mechanicsville Turnpike, in Hanover County.
Thalhimer Realty Partners paid $1.96 million to buy Spring Center from 6512 Mechanicsville Turnpike Holdings L.L.C. Will McGoogan of Cushman & Wakefield | Thalhimer represented the buyer.
Located east of I-295 along the well-traveled Mechanicsville Turnpike corridor, Spring Center offers 30,392 square feet of retail space. The property’s tenant roster includes Tropical Smoothie Café, Martial Arts World, and Personal Chef To Go.
The new owners plan to renovate Spring Center by the end of the summer. The project will include landscaping enhancements, parking lot repairs, improvements to the building’s façade, new lighting and signage upgrades. Cushman & Wakefield | Thalhimer will handle leasing and property management for the center.
So far this year, Richmond-area retail assets have attracted plenty of interest from investors. Thalhimer, in partnership with the Rebkee Co., purchased the 450,000-square-foot Regency Square mall at the start of the year. That deal was followed by the acquisition of Stony Point Shopping Center by a joint venture of Verris Capital of Washington, D.C., and Illinois-based Next Realty; the purchase of 2000 Old Brick Road by Capital Square Realty Advisors; Westdale Asset Management’s sale of WestPark Shopping Center to InvenTrust Properties, and Wheeler REIT’s $18.5 million deal to buy the Brook Run Shopping Center.
Photo credit: Cushman & Wakefield | Thalhimer