Stan Johnson Company Arranges Sale of Burlington-Anchored Shopping Center Near Richmond, Virginia for $11.1 Million
Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of Hancock Village Phase II, a 61,500-square-foot shopping center located at 14601 Hancock Village Street in Chesterfield, Virginia. The multi-tenant retail center, anchored by Burlington, was fully leased at the time of sale. Stan Johnson Company’s Margaret Caldwell and Patrick Kelley represented the seller, a Virginia-based developer. Private investors represented by Jason Taylor of Equity Management Group, Inc. based in Lexington, Kentucky, purchased the asset to complete a 1031 exchange. The property traded for $11.1 million, although the cap rate was not disclosed.
“Hancock Village Phase II is part of a market-dominant community center located in a high-growth suburb of Richmond, Virginia,” said Caldwell, Managing Director and Partner in Stan Johnson Company’s Atlanta, Georgia office. “This is an attractive long-term investment opportunity that will provide a great return due to the surrounding residential growth.”
The property was constructed in 2018 and is situated on 4.93 acres just 20 miles from downtown Richmond, Virginia. Additional tenants include Tuesday Morning, America’s Best Contacts & Eyeglasses and Grand Nail Spa. The property is shadow-anchored by Walmart Supercenter, Hobby Lobby, Dick’s Sporting Goods and Five Below.
About Stan Johnson Company:
Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms that focuses on investment sales transactions involving retail, office, industrial, healthcare, and specialty properties. The firm provides acquisition, disposition, sale leaseback, capital markets, and advisory services for institutions, developers, investment funds, corporate occupiers, and private investors across the United States. With a historic focus in the single-tenant net lease sector, Stan Johnson Company is now in its fourth decade of operation and has expanded its service platform in order to better serve its valued clients. The firm has completed more than $40 billion in transactions nationwide and continues to be regarded as the Net Lease Authority® as it focuses on continued growth and expansion into other industry sectors and services. To learn more about Stan Johnson Company, please visit: www.stanjohnsonco.com.