Hancock Village is at the intersection of Hull Street Road and Winterpock Road.
A Phoenix-based REIT just went on another eight-figure shopping spree in Richmond.
An affiliate of Cole Real Estate Investments last month acquired the Hancock Village shopping center in Chesterfield for $27.5 million. Jones Lang LaSalle handled the sale and announced the deal Friday. It closed May 23.
The 153,000-square-foot shopping center is at Winterpock and Hull Street roads and is anchored by Hobby Lobby and Dick’s Sporting Goods. Cole’s acquisition does not include the Walmart, McDonald’s or undeveloped parcels of land at Hancock Village.
The deal follows Cole’s $68 million purchase of the Shops at White Oak Village in Eastern Henrico last October.
Hancock Village was sold by developers Doug Horack and Ed Nunnally. They built the 66-acre shopping center in 2007 and were threatened with foreclosure in February on a $43 million loan owed to Flagstar Bank.
They worked out a last-minute deal with the lender and retained control of the property. The deal also canceled a federal breach of contract lawsuit Flagstar had filed against the developers.
Horack and Nunnally, through Edco LLC, continue to own the undeveloped outparcels at the Hancock property.
Cole has managed the shopping center since the deal closed last month. The company has no changes planned for Hancock Village at this time, a Cole spokesman said.
Jones Lang LaSalle managing directors Margaret Caldwell and Kris Cooper and Cole Capital acquisition manager Chelsey Ginder worked the deal.
Hancock Village is at the intersection of Hull Street Road and Winterpock Road.
A Phoenix-based REIT just went on another eight-figure shopping spree in Richmond.
An affiliate of Cole Real Estate Investments last month acquired the Hancock Village shopping center in Chesterfield for $27.5 million. Jones Lang LaSalle handled the sale and announced the deal Friday. It closed May 23.
The 153,000-square-foot shopping center is at Winterpock and Hull Street roads and is anchored by Hobby Lobby and Dick’s Sporting Goods. Cole’s acquisition does not include the Walmart, McDonald’s or undeveloped parcels of land at Hancock Village.
The deal follows Cole’s $68 million purchase of the Shops at White Oak Village in Eastern Henrico last October.
Hancock Village was sold by developers Doug Horack and Ed Nunnally. They built the 66-acre shopping center in 2007 and were threatened with foreclosure in February on a $43 million loan owed to Flagstar Bank.
They worked out a last-minute deal with the lender and retained control of the property. The deal also canceled a federal breach of contract lawsuit Flagstar had filed against the developers.
Horack and Nunnally, through Edco LLC, continue to own the undeveloped outparcels at the Hancock property.
Cole has managed the shopping center since the deal closed last month. The company has no changes planned for Hancock Village at this time, a Cole spokesman said.
Jones Lang LaSalle managing directors Margaret Caldwell and Kris Cooper and Cole Capital acquisition manager Chelsey Ginder worked the deal.