JLL has arranged the $35.2 million sale of a five-building retail portfolio totaling 24,867 square feet in the Richmond, VA metro area. The properties are occupied on long-term, triple-net leases with convenience store chain Wawa.
The portfolio consists of properties located at 6001 Iron Bridge Rd. in Richmond; 8800 Brook Rd. in Glen Allen; 3840 N. Bailey Bridge Rd. in Midlothian; and 600 E Hundred Rd. and 11021 Iron Bridge Rd. in Chester. The properties were built between 2000 and 2001 and recently received lease extensions to 20 years.
Marc Mandel, Steve Schrenk, Jordan Lex and Chris Hew of JLL represented the seller, a joint venture partnership between Provco, Goodman Properties and Pineville Properties, in the transaction. The buyer purchased the assets in a 1031 exchange transaction and was represented by Patrick Luther of SRS Real Estate Partners and Phil Sambazis of Marcus and Millichap.