Two Henrico shopping centers change hands in separate deals totaling $19M

New York-based ShopOne bought Staples Mill Plaza at the corner of Hungary Spring and Staples Mill roads in western Henrico for $10 million. (Jack Jacobs photos)

A pair of Henrico shopping centers on either end of the county have come under new ownership.

Staples Mill Plaza near Glen Allen and Laburnum Park Shopping Center in Montrose sold in recent weeks to firms new to the Richmond region.

New York-based ShopOne bought Staples Mill Plaza in a $10 million deal recorded with the county in late May.

The deal included properties at 9121 Staples Mill Road, which makes up the bulk of the 70,000-square-foot, Food Lion-anchored center, and an outparcel at 9199 Staples Mill Road that’s occupied by several businesses. Together the parcels have an assessed value of $7.9 million, according to online land records.

Other tenants include Pizza Hut and Hair Cuttery.

The center is near the intersection of Hungary Spring and Staples Mill roads.

“Staples Mill Plaza is a prime neighborhood retail asset anchored by a top-performing grocer and supported by a complementary tenant mix,” ShopOne CEO Chris Reed said in a prepared statement. “Its strategic location at a busy intersection within a growing market makes it a compelling addition to our portfolio.”

The center is ShopOne’s first property in the Richmond market and second in Virginia. The other is Lake Ridge Commons in Woodbridge.

The REIT purchased the western Henrico center in a joint venture with Pantheon and an unidentified “leading global institutional investor,” according to a company announcement made last week. Staples Mill Plaza is the 22nd center to be added to the joint venture’s portfolio.

The seller in the deal was D.C.-based Stavins & Axelrod, which had owned the property since 1989.

Catharine Spangler of Thalhimer represented the seller. Spangler was assisted by Thalhimer colleagues Richard Thalhimer, who has handled leasing at the center for more than 20 years, and Annie O’Connor.

Thalimer said Staples Mill Plaza was 94% leased when the deal closed.

ShopOne didn’t respond to an email seeking comment on the deal.

The Bruster’s Ice Cream at 9101 Staples Mill Road and the Pets First veterinary practice at 9201 Staples Mill Road at the center weren’t part of the deal.

Laburnum Park Shopping Center recently was purchased by Oklahoma-based The Criterion Fund in a $9.1 million deal. The center is in eastern Henrico and across the road from White Oak Village.

In eastern Henrico, a similarly sized Laburnum Park Shopping Center was acquired by The Criterion Fund out of Oklahoma for $9.1 million last month.

The 61,000-square-foot center features tenants like medical marijuana dispensary Cannabist and Dollar Tree. The property that changed hands consisted of three parcels, at 4330, 4356 and 4396 S. Laburnum Ave., according to a news release.

The assessed value of the property is $10.8 million, according to online records.

The seller was Westover Apartments LLC, a Northern Virginia company that acquired the property in a $7.3 million deal in 2017.

Ben Wilson of Bethesda-based brokerage Greysteel, which also has a local office, represented the seller. Greysteel said in its announcement of the deal in late May that the property received 10 offers.

The center had 92% occupancy as of January, according to Greysteel’s listing. The Gold’s Gym and three outparcels fronting Laburnum at the center weren’t part of the deal.

Laburnum Park is the first property in the Richmond region for The Criterion Fund. The firm’s Andy Thelen said there are plans to make improvements to the property following the acquisition.

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