An Alabama-based real estate investment firm has staked its entry into the Richmond market with a seven-figure purchase.
An entity tied to Birmingham-based Gold Investments USA last month purchased the Shops at the Arboretum shopping center at 9101-9111 Midlothian Turnpike in Chesterfield County for $8.8 million, according to county property records.
The firm purchased the property from Midlothian Arboretum SPE LLC on June 6.
Located near the Midlothian Turnpike-Powhite Parkway interchange, the 103,000-square-foot center was most recently assessed for $10.4 million, according to county records.
Gold Investments principle Mark Gold did not return requests for comment by press time.
Brokers Jim Ashby and Richard Thalhimer of Cushman & Wakefield | Thalhimer will manage and lease the property, which has about 19,000 square feet of available, including a former 13,000-square-foot Staples location.
The Shops at the Arboretum was constructed on about 9 acres in 1989. It is adjacent to the 500,000-square-foot Arboretum Office Park.
Retail tenants include Gold’s Gym, Starbucks, Window World and Sushi King.