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A $55 billion private capital firm’s real estate group has purchased four suburban shopping centers around Richmond for $110 million.
Miami-based H.I.G. Realty Partners bought Parham Plaza and Ridge Shopping Center, located across the 1500 block of North Parham Road from each other at the intersection of Parham, Quiocassin and Eastridge roads, as well as Staples Mill Square in Henrico County and Stonehenge Village in Midlothian.
All four are owned by separate limited liability companies; the firm responsible for leasing them is Vienna-based Rosenthal Properties.
Walmart at Parham Plaza has 116,000 square feet of store and warehouse space on 8.2 acres.
Henrico County photos
As part of the transaction, Rosenthal is joining H.I.G. and FarmViewVentures LLC as partners in the shopping centers, according to H.I.G.’s representative, the New York-based real estate group of the Pryor Cashman law firm.
County tax records list the taxpayers for the Ridge center and part of Parham Plaza as LLCs with the same address as Rosenthal, with Walmart listed for the largest part of the center. Target Corp. is listed as the taxpayer for Staples Mill Square and Wegmans for Stonehenge Village.
The purchase amounts to about a 34% gain over the current owners’ purchases of three of the centers in 2019 and one in 2006. It is 64% higher than the combined tax assessment on the properties, according to county records.
Pryor Cashman said roughly 95% of the centers are leased. Besides WalMart, Target and Wegmans, tenants include The Fresh Market and Aldi.
Ridge Shopping Center, home to The Fresh Market, has 66,900 square feet on 6.2 acres.
Henrico County
Walmart at Parham Plaza has 116,000 square feet of store and warehouse space on 8.2 acres, while the stores to the north of it have an additional 53,250 square feet on 5.1 acres. It was last sold for $20.5 million in 2019, Henrico tax records show.
Ridge Shopping Center across the street has 66,900 square feet on 6.2 acres. It is anchored by The Fresh Market, a Virginia ABC store, a restaurant and smaller specialized retailers. It previously sold for $26 million in 2019.
The Staples Mill property, with 129,000 square feet of building on 11.6 acres, was last sold in 2006 for $2.8 million, while Stonehenge Village, built in 2015 on 16.25 acres, sold for $32.8 million in 2019.
Staples Mill Square, home to a Target, has 129,000 square feet of building on 11.6 acres.
Henrico County
H.I.G. says it invests in small to midsize real estate assets in a variety of types, with a focus on special situations — investment jargon for complicated deals where a transaction can have unusual but large effect.
The firm says it takes a hands-on, intensive approach to rehabilitate and redevelop properties that have been capital starved or poorly managed.
A subsidiary of H.I.G., a firm with $55 billion in assets under management, H.I.G. Realty, has invested in more than $7 billion worth of real estate, including office, residential, hospitality and warehouse properties.
This July 1955 image shows the building, at Madison and Grace streets in Richmond, that once sat downtown and housed First Presbyterian Church. Completed in 1853 at the current site of Old City Hall, the building’s outer shell was moved to Madison and Grace in the mid-1880s to make room for the city building. In 1943, the Acca Shriners, who had lost the Mosque (now Altria Theater) during the Great Depression, purchased the old church building. They used it until the mid-1950s; the building has since been torn down.
In May 1977, this 150-foot smokestack came down, thanks to Controlled Demolition of Towson, Md. The smokestack stood behind what used to be Broad Street Station in Richmond; the demolition was part of a contract with the state for removal of the stack and several buildings in the area.
This April 1951 image shows St. Andrew’s School in Richmond’s Oregon Hill area. Noted philanthropist Grace Arents founded the school in 1894 and was a key supporter of St. Andrew's Episcopal Church. The school offered a wide range of programs, including sewing, music and physical education. It still stands today, serving low-income children.
In May 1959, the Chesapeake and Ohio Railway announced plans to move about a third of its workforce from Richmond to Huntington, W.Va., by 1961-62. Many employees worked in the First and Merchants National Bank building at Ninth Street downtown, which was partially owned by C&O. The building has been converted to First National Apartments.
This July 1947 image shows the new Curles Neck Dairy plant at 1600 Roseneath Road in Richmond. The building, which cost more than $200,000, gave the 13-year-old dairy modern features including a refreshment room that served up to 50 people, ice-cream-making facilities and curbside service. The building is now home to the Dairy Bar restaurant.
This March 1987 image shows the Independent Order of St. Luke building at 900 St. James St. in Richmond, which was the new home for the city’s Head Start program. The building, which today stands empty, was built in the early 1900s and was expanded between 1915 and 1920. It was home to the benevolent society under Maggie Walker’s leadership, as well as the first location of the St. Luke Penny Savings Bank that she ran. The building is on the National Register of Historic Places.
This May 1935 image shows Herbert’s shoe store at 419 E. Broad St. in downtown Richmond. The store advertised itself as “the first air-cooled shoe store in the entire South.” A fall sale that year offered women’s shoes as low as $1.77.
This May 1957 image shows the Woolworth’s at Fifth and Broad streets in downtown Richmond. The $1 million building opened in September 1954, and it housed several departments for the nearby Miller & Rhoads, which had an earlier store on the site in the late 1800s. An ad for the Woolworth’s Easter sale offered handbags for $1, records for 99 cents, and cowhide and plastic belts for between 39 and 98 cents.
In February 1968, the National Theater on East Broad Street in Richmond was about to undergo a $150,000 remodeling to make it suitable as a movie theater – the building, which opened in 1923, was designed more for vaudeville and other live performances. In June 1968, the theater reopened as The Towne and operated until 1983. It has since been restored again and now hosts concerts.
This July 1955 image shows the building, at Madison and Grace streets in Richmond, that once sat downtown and housed First Presbyterian Church. Completed in 1853 at the current site of Old City Hall, the building’s outer shell was moved to Madison and Grace in the mid-1880s to make room for the city building. In 1943, the Acca Shriners, who had lost the Mosque (now Altria Theater) during the Great Depression, purchased the old church building. They used it until the mid-1950s; the building has since been torn down.
Times-Dispatch
In May 1977, this 150-foot smokestack came down, thanks to Controlled Demolition of Towson, Md. The smokestack stood behind what used to be Broad Street Station in Richmond; the demolition was part of a contract with the state for removal of the stack and several buildings in the area.
Don Pennell
This April 1951 image shows St. Andrew’s School in Richmond’s Oregon Hill area. Noted philanthropist Grace Arents founded the school in 1894 and was a key supporter of St. Andrew's Episcopal Church. The school offered a wide range of programs, including sewing, music and physical education. It still stands today, serving low-income children.
Times-Dispatch
In May 1959, the Chesapeake and Ohio Railway announced plans to move about a third of its workforce from Richmond to Huntington, W.Va., by 1961-62. Many employees worked in the First and Merchants National Bank building at Ninth Street downtown, which was partially owned by C&O. The building has been converted to First National Apartments.
Staff photo
This July 1947 image shows the new Curles Neck Dairy plant at 1600 Roseneath Road in Richmond. The building, which cost more than $200,000, gave the 13-year-old dairy modern features including a refreshment room that served up to 50 people, ice-cream-making facilities and curbside service. The building is now home to the Dairy Bar restaurant.
Staff Photo
This March 1987 image shows the Independent Order of St. Luke building at 900 St. James St. in Richmond, which was the new home for the city’s Head Start program. The building, which today stands empty, was built in the early 1900s and was expanded between 1915 and 1920. It was home to the benevolent society under Maggie Walker’s leadership, as well as the first location of the St. Luke Penny Savings Bank that she ran. The building is on the National Register of Historic Places.
Masaaki Okada
This May 1935 image shows Herbert’s shoe store at 419 E. Broad St. in downtown Richmond. The store advertised itself as “the first air-cooled shoe store in the entire South.” A fall sale that year offered women’s shoes as low as $1.77.
Times-Dispatch
This May 1957 image shows the Woolworth’s at Fifth and Broad streets in downtown Richmond. The $1 million building opened in September 1954, and it housed several departments for the nearby Miller & Rhoads, which had an earlier store on the site in the late 1800s. An ad for the Woolworth’s Easter sale offered handbags for $1, records for 99 cents, and cowhide and plastic belts for between 39 and 98 cents.
Times-Dispatch
In February 1968, the National Theater on East Broad Street in Richmond was about to undergo a $150,000 remodeling to make it suitable as a movie theater – the building, which opened in 1923, was designed more for vaudeville and other live performances. In June 1968, the theater reopened as The Towne and operated until 1983. It has since been restored again and now hosts concerts.
