A Maryland-based firm bought a Southside Food Lion and its neighboring Family Dollar in late July. Photo by Burl Rolett.
The Southside shopping center market has been heating up, drawing out-of-town buyers in two recent deals.
Virginia Beach-based real estate firm Armada Hoffler said last week it is under contract to acquire the Dimmock Square shopping center in Colonial Heights.
The deal is valued at about $19.65 million and is scheduled to close in the third quarter.
The newly publicly traded REIT will buy the 100,000-square-foot strip from Chesterfield-based Blackwood Development Co.
Julie Trudell, an Armada Hoffler spokeswoman, said the company was attracted to Dimmock Square in part because of its location in a high-traffic area. It sits at 723 Southpark Blvd. and is 100 percent occupied by tenants that include Best Buy, Pier 1, Old Navy and the Dress Barn.
“Traffic and accessibility are always key,” Trudell said. “We were delighted with the demographics, the leasing and the tenants in that marketplace.”
Blackwood will receive a combination of $10 million cash and 990,000 units worth of ownership interest in Armada Hoffler. Each share is valued at about $9.75, Trudell said.
Dimmock Square marks Armada Hoffler’s second dip into the Chesterfield and Colonial Heights market after developing the Bermuda Crossroads shopping center in 2001. The REIT also owns the Williams Mullen center downtown and is developing The Edison apartment tower at the former 700 Centre Building in joint venture with Genesis Properties.
North of Dimmock Square in Richmond city limits, Maryland-based Bresler Family Investors bought a Food Lion and Family Dollar-anchored retail center at 5620 Hull Street Road in a deal that closed July 30.
The $2.1 million buy includes a 40,000-square-foot grocery store, an 8,713-square-foot Family Dollar and about 6.6 acres of surrounding land.
It’s at least the second go-round with the property for the Bresler entity. City records show the firm sold the Southside retail plot to its previous owners Hull Street Marketplace LLC in 2008 for $3 million.
Bresler Family Investors did not return an email seeking comment on the deal, and a phone number listed for the company was out of service on Wednesday.
A Maryland-based firm bought a Southside Food Lion and its neighboring Family Dollar in late July. Photo by Burl Rolett.
The Southside shopping center market has been heating up, drawing out-of-town buyers in two recent deals.
Virginia Beach-based real estate firm Armada Hoffler said last week it is under contract to acquire the Dimmock Square shopping center in Colonial Heights.
The deal is valued at about $19.65 million and is scheduled to close in the third quarter.
The newly publicly traded REIT will buy the 100,000-square-foot strip from Chesterfield-based Blackwood Development Co.
Julie Trudell, an Armada Hoffler spokeswoman, said the company was attracted to Dimmock Square in part because of its location in a high-traffic area. It sits at 723 Southpark Blvd. and is 100 percent occupied by tenants that include Best Buy, Pier 1, Old Navy and the Dress Barn.
“Traffic and accessibility are always key,” Trudell said. “We were delighted with the demographics, the leasing and the tenants in that marketplace.”
Blackwood will receive a combination of $10 million cash and 990,000 units worth of ownership interest in Armada Hoffler. Each share is valued at about $9.75, Trudell said.
Dimmock Square marks Armada Hoffler’s second dip into the Chesterfield and Colonial Heights market after developing the Bermuda Crossroads shopping center in 2001. The REIT also owns the Williams Mullen center downtown and is developing The Edison apartment tower at the former 700 Centre Building in joint venture with Genesis Properties.
North of Dimmock Square in Richmond city limits, Maryland-based Bresler Family Investors bought a Food Lion and Family Dollar-anchored retail center at 5620 Hull Street Road in a deal that closed July 30.
The $2.1 million buy includes a 40,000-square-foot grocery store, an 8,713-square-foot Family Dollar and about 6.6 acres of surrounding land.
It’s at least the second go-round with the property for the Bresler entity. City records show the firm sold the Southside retail plot to its previous owners Hull Street Marketplace LLC in 2008 for $3 million.
Bresler Family Investors did not return an email seeking comment on the deal, and a phone number listed for the company was out of service on Wednesday.