Stein Mart anchored center on West Broad Street in Richmond, VA
- Jones Lang LaSalle (“JLL”), as exclusive advisor, is pleased to offer for sale the 100% fee simple interest in Olde Towne Shopping Center (the “Property” or “Offering”) a 91,392 square foot shopping center on West Broad Street in Northwestern Richmond, VA. The Offering is anchored by discount retailer Stein Mart and hosts Buffalo Wild Wings, Anytime Fitness, Cycle Gear, Salon Centric, Air Force Career Center and a variety of local service and food tenants. Opening in 2017, junior anchor, Tasty Crab, has generated impressive traffic and consistent year-over-year sales growth. Prominently positioned on a 9.99-acre site on West Broad Street (41,651 VPD), the Property is part of Richmond’s dominant retail corridor that connects the affluent suburban communities and office parks to the city’s downtown core.
- At 99% occupancy, the Property generates stable cash flow through its desirable mix of national and local tenancy with a focus on food (19.4% of revenue), discount retailers (44.3% of revenue) and services (14.3% of revenue). Stein Mart has over 34 years of tenure at the center enjoying below market rent in a dense, infill location, and affluent local consumer base. Stein Mart’s near-term rollover and a landlord lease-termination option presents the opportunity to drive rental revenue through a new lease with a higher quality anchor tenant or through a renewal with Stein Mart at market rent.
- Olde Towne Shopping Center presents a unique opportunity to acquire a stable, cash flowing asset with significant upside potential in a dense, growing secondary market. The value-add potential combined with the well tenured, internet-resistant tenancy makes Olde Town Shopping Center a compelling acquisition opportunity.