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Private buyers recently purchased two properties – a multi-tenant and a standalone property – in Richmond’s popular Bermuda Square shopping center for $4,010,000 and $1,375,000 respectively. Michael Brewster and Brad Peterson of Colliers’ East Coast Investment Team represented the seller—a Texas-based family office. Jay O’Donnell and Jeff Fritz of Colliers were also involved in the transaction.
Colliers Vice Chairman Peterson noted that structuring deals this way – where shopping centers are split up into smaller components rather than selling to one buyer – is an effective strategy for investors looking to maximize returns. The outparcel properties are located at 12531-12533 Richmond Highway in Chester suburbia. According to Brewster (Vice President at Colliers), these investments have strong tenants with long leases or established success within the center which makes them attractive options for buyers alike.