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Meadowbrook Plaza 5610 Hopkins Rd 162,671 SF Retail Building Richmond, VA 23234 $23,000,000 ($141.39/SF) 6.98% Cap Rate
Investment Highlights
- Walmart Neighborhood Market anchors the center on a long term ground lease
- Marshalls is a relocation from nearby Meadowdale Center, demonstrating the strength of the subject property’s prime location within the trade area
- New national QSR currently under development at the hard corner (may be available separately; contract Broker for more details)
- Marshalls (TJX) and Burlington recently signed 10 year leases and are now open for business
- Two outparcel buildings (NAP) have recently signed new leases, further underscoring the strong tenant demand for the property
- Meadowbrook Plaza attracted 2 million visitors last year, prior to Marshalls and Burlington opening for business (source: Placer.ai)
Executive Summary
Meadowbrook Plaza is Anchored by Walmart Neighborhood Market and recently added Burlington and Marshalls to the tenant roster. Marshalls relocated from Meadowdale Center, the nearest competing grocery anchored center. The center has undergone major recent renovations, including new roofs, structural work, new signage and facade.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Service Station
Building Size
162,671 SF
Building Class
C
Year Built
1965
Price
$23,000,000
Price Per SF
$141.39
Cap Rate
6.98%
NOI
$1,604,834
Tenancy
Single
Building Height
1 Story
Building FAR
0.28
Lot Size
13.13 AC
Fairly walkable
40/100
Exceptionally drivable
90/100
Somewhat bikeable
20/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 780-68-63-97-300-000 | Improvements Assessment | $9,579,200 |
| Land Assessment | $1,888,100 | Total Assessment | $11,467,300 |
Property Taxes
Parcel Number
780-68-63-97-300-000
Land Assessment
$1,888,100
Improvements Assessment
$9,579,200
Total Assessment
$11,467,300
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Meadowbrook Plaza | 5610 Hopkins Rd
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