JLL Capital Markets completes sale of Hancock Village, a market dominant community center in Chesterfield, VA
JLL’s Capital Markets experts have completed the sale of Hancock Village, a 159,514-square-foot community center located in the affluent and growing Richmond, VA submarket of Chesterfield. Rivercrest Realty Investors, a Raleigh-based privately held owner-operator of retail, apartment, and self-storage properties, purchased the property. Rivercrest owns assets from New York to Florida with 77 retail assets totaling 5.1 million square feet.
Managing Director Margaret Caldwell and Vice President Margaret Jones led the team handling the sale on behalf of the seller, a subsidiary of Cole Credit Property Trust IV, Inc.
“This center is anchored by strongly performing credit tenants and sits within one of the most affluent submarkets in the Richmond area,” said Caldwell. “The small shop tenant roster is diverse, providing shoppers an ideal mix of service, food, and hard- and soft-good options.”
Developed in 2011, Hancock Village consists of four retail buildings on 27 acres, with an additional Phase III development underway. The buyer will have right of first offer to purchase Phase III of the site, which is anchored by Burlington, with Tuesday Morning as junior anchor. The center was 97.8 percent leased at the time of the sale, anchored by tenants Hobby Lobby, Dick’s Sporting Goods, and junior anchor Five Below. The Property is shadow-anchored by a Walmart Supercenter.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory, or recapitalization execution. In 2017 alone, the firm’s 2,400 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities.JLL is a Fortune 500 company with operations in over 80 countries and a global workforce of 88,000 as of September 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
