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Shopping center finds its place in the sun

David Larter January 23, 2013 0
The sign at Hungarybrook Shopping Center. (Photo by David Larter)

The sign at Hungarybrook. (Photo by David Larter)

A Henrico County shopping center that was foreclosed on in 2009 has found some love from the Sunshine State.

Coastal Equities, a Florida-based real estate investment firm, acquired Hungarybrook Shopping Center in late December for $5.7 million.

Coastal Equities bought the 87,000-square-foot property from CWCapital Asset Management, a special servicer that had managed it for the lender since its foreclosure.

The property, anchored by a Food Lion grocery store, was about 20 percent vacant at the time of sale. The center is at 1200 Concord Ave., at the intersection of Brook and East Parham roads.

Alexander Divaris, Jason Oliver and John Wingfield of Divaris Real Estate brokered the sale. Divaris will handle the leasing of the center for Coastal Equities.

Hungarybrook is the Florida firm’s only property in Virginia.

In addition to Food Lion, the center, built in 1988, has a Dollar General, Subway and Best Beauty.

Hungarybrook is at least the second local shopping center to find a new owner after going through foreclosure. Last spring, Brookhill Azalea Shopping Center, another Food Lion-anchored property, sold for $8.95 million.

Richmond area shopping centers both large and small have been changing hands in recent months.

A Northern Virginia real estate company in late December acquired a Food Lion-anchored shopping center in South Chesterfield for $1.2 million.

Also last month, Midlothian developer Rebkee bought the 110,000-square-foot Kroger-anchored Rutland Commons for $7.1 million.

And in one of the biggest deals of 2012, Phoenix-based Cole Real Estate Investments bought 61 acres of the Shops at White Oak Village in a $68 million deal.

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