2401-2431 Charter Colony Pky
Midlothian, VA 23112
Shops at Colony Crossing · Retail Property For Sale

Quick Non-Judicial Foreclosure Process - Borrower has expressed its intention to cooperate with Noteholder actions to acquire title to the mortgaged property through foreclosure or acceptance of a deed-in-lieu thereof. Virginia has a fairly quick non-judicial foreclosure process. Receivership Application Pending - A consensual receivership order was entered on 3/7/17, providing for independent control of the mortgaged property, its operations and cash flow and should enable a smooth management transition upon subsequent transfer of title to the property. Attractive Collateral - The Collateral consists of a well-built, attractive neighborhood center that was built in 2005. Easy Access to Surrounding Areas - The Collateral enjoys immediate access to Powhite Parkway and Highway 288, significant arteries serving Richmond' s western areas. Favorable Location - Shops at Colony Crossing is located within a small, planned development in a densely populated area (over 45,000 residents within 3 miles) near Bon Secours St. Francis Medical Center, the new high school, and a major sports complex provides customer traffic to the area. Strong Demographics - Midlothian, one of Chesterfield County's fastest growing communities, has an affluent demographic base to support tenant businesses. The median household income within a three and five mile radius of the Collateral is $86,099 and $84,540, respectively. Value-Add Opportunity - Investors have the opportunity to capture potential upside through the lease up of available space. There are currently three available units, ranging from ±1,360 square feet to ±1,600 square feet, which represents approximately 28% of total net rentable area.