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.