PGIM Real Estate and Rosenthal Properties have formed a joint venture to acquire a portfolio of five grocery-anchored shopping centres located in Richmond, Virginia for approximately $125m (€111m).
Rosenthal will serve as operating partner, responsible for managing and leasing the portfolio.
Alfonso Munk, Americas CIO at PGIM Real Estate, said: “Solid economic and demographic trends in the Richmond submarkets are supporting retail sales growth, and we expect this portfolio of high quality and well located necessity retailers will benefit from pro-business initiatives that will continue to attract an array of industries.”
The properties are located in the micro-markets of Glen Allen, West End and Midlothian, and include: Staples Mill Marketplace, a 165,000sqft centre anchored by Kroger Marketplace; Staples Mill Square, a 95,000sqft centre anchored by Aldi; Parham Plaza, a 177,000sqft centre anchored by Walmart; Ridge Shopping Center, a 100,000sqft center anchored by The Fresh Market; Stonehenge Village, a 205,000sqft center anchored by Wegmans.
The joint venture plans to extract further density by developing the remaining outparcels, enhancing the mix of national and local tenants and addressing the near-term tenant expirations.