JLL Negotiates $35.2 Million Sale of Five-Property Retail Portfolio in Metro Richmond

by Alex Tostado

Richmond, Va. — JLL has negotiated the $35.2 million sale of five retail buildings leased to Wawa in metro Richmond. The five properties are located at 6001 Iron Bridge Road in Richmond; 8800 Brook Road in Glen Allen; 3840 N. Bailey Bridge Road in Midlothian; and 600 E. Hundred Road and 11021 Iron Bridge Road in Chester. Each property was built between 2000 and 2001, and Wawa recently executed 20-year lease extensions at each property. Marc Mandel, Steve Schrenk, Jordan Lex and Chris Hew of JLL represented the seller, a joint venture between Provco, Goodman Properties and Pineville Properties. Patrick Luther of SRS Real Estate Partners and Phil Sambazis of Marcus & Millichap represented the undisclosed buyer, which was completing a 1031 exchange.

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