Pacific Retail Capital Partners JRE Partners And Anastacia AG Acquire Chesterfield Towne Center For $80M

The Chesterfield Towne Center mall, located at 11500 Midlothian Turnpike in Richmond, VA, has been sold for $80 million. The property encompasses a total of 1,018,855 square feet and was transacted at a price per square foot of $79. The asset is categorized as retail and has a current occupancy rate of 91%, generating consistent cash flow.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $80,000,000
• Buyer: Anastacia AG & Pacific Retail Capital Partners & JRE Partners
• Seller: Brookfield Properties
• Broker: Newmark
• Occupancy Rate: 91%
• Square Footage: 1,018,855
• Price per Square Foot: $79

This transaction involved a partnership of Anastacia AG, Pacific Retail Capital Partners, and JRE Partners as buyers. The deal was facilitated by Newmark as the broker. The acquisition addresses a defaulted loan situation, particularly a $69.78 million CMBS loan, and the new ownership plans to implement upgrades to enhance leasing and operational performance.