Press Releases
Marcus & Millichap Sells $4.4 Million Richlands Shopping Center
October 31, 2023
RICHLANDS, Va., Oct. 31, 2023 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today the sale of Brickyard Shopping Center in Richlands, Virginia. The property sold for $4,375,000.
“While Food Lion anchored assets have continued to be in high demand, a key co-anchor tenant presented challenges to the deal. A short-term lease and concerns around the tenant’s liquidity were an issue,” says Dean Zang, executive managing director. “Thankfully the buyer, seller and tenant were able to work together and close the transaction.”
Zachary Taylor and Eric Abbott, investment specialists in Marcus & Millichap’s Atlanta office, had the exclusive listing to market the property on behalf of the seller, a developer. Dean Zang and David Crotts, investment specialists in Marcus & Millichap’s Washington, D.C. office, procured the buyer, a private investor. Brian Hosey, Marcus & Millichap’s Broker of Record in Virginia, assisted in closing the transaction.
Located at 114 Kents Ridge Road, this 86,246-square-foot shopping center is situated in the center of town with a daily traffic count of 11,000 vehicles per day.
Constructed in 1989, this center is 75% leased to its original anchor tenants, Food Lion and Big Lots. Food Lion is the town’s sole national grocery store, and there is only one other anchored shopping center in the area.
“While Food Lion anchored assets have continued to be in high demand, a key co-anchor tenant presented challenges to the deal. A short-term lease and concerns around the tenant’s liquidity were an issue,” says Dean Zang, executive managing director. “Thankfully the buyer, seller and tenant were able to work together and close the transaction.”
Zachary Taylor and Eric Abbott, investment specialists in Marcus & Millichap’s Atlanta office, had the exclusive listing to market the property on behalf of the seller, a developer. Dean Zang and David Crotts, investment specialists in Marcus & Millichap’s Washington, D.C. office, procured the buyer, a private investor. Brian Hosey, Marcus & Millichap’s Broker of Record in Virginia, assisted in closing the transaction.
Located at 114 Kents Ridge Road, this 86,246-square-foot shopping center is situated in the center of town with a daily traffic count of 11,000 vehicles per day.
Constructed in 1989, this center is 75% leased to its original anchor tenants, Food Lion and Big Lots. Food Lion is the town’s sole national grocery store, and there is only one other anchored shopping center in the area.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
