RICHMOND, VIRGINIA: A collaborative effort from Cushman & Wakefield | Thalhimer’s Capital Markets Group and the Retail Investment Advisors team from Cushman & Wakefield in Miami, Florida has resulted in a significant shopping center transaction in the Richmond, Virginia market. The team represented Regency Centers, and an affiliate of First Washington Realty, in the sale of Gayton Crossing, a 158,317 square foot neighborhood center that includes four single-tenant buildings and one multi-tenant pad, located at 9782 Gayton Road in Richmond (Henrico County), Virginia.

Gayton Crossing is well-located in the heavily traveled and highly desirable West End submarket at the intersections of Gaskins Road, Gayton Road and Quioccasin Road. The high-performing center has a diverse and loyal tenant mix of 46 national, regional and local retailers including Gold’s Gym, Goldfish Swim School, Jos. A. Bank, Starbucks, Sports Clips and Pet Valu among numerous others. The “village-like” setting is shadow anchored by a separately-owned Kroger grocery store.

New Market Properties, LLC, a wholly-owned indirect subsidiary of Preferred Apartment Communities, Inc., out of Atlanta, Georgia, acquired the asset on January 17, 2019 marking their first investment in the Richmond, Virginia market. The sale was completed by Eric Robison, a Senior Vice President in Cushman & Wakefield | Thalhimer’s Capital Markets Group and Mark Gilbert, Executive Managing Director and leader of the Retail Investment Advisors team at Cushman & Wakefield. James Ashby IV has served as leasing advisor on the center for the last ten years and also assisted on the sale.

Robison noted, “This opportunity was highly sought after given the long-standing tenancy of the many business and restaurants at the shopping center as well as the strategic location near so many affluent neighborhoods in Richmond West End.”