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Meadowbrook Plaza 5700-5760 Hopkins Rd 162,671 SF 97% Leased 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
Storefront
Building Size
162,671 SF
Building Class
C
Year Built
1968
Price
$23,000,000
Price Per SF
$141.39
Cap Rate
6.98%
NOI
$1,604,834
Percent Leased
97%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.28
Lot Size
13.13 AC
Zoning
C-3 - Commercial Development
Parking
323 Spaces (1.98 Spaces per 1,000 SF Leased)
Space Availability
- Space
- Size
- Space Use
- Position
- Available
4,367 square-feet of in-line retail space available for lease.
| Space | Size | Space Use | Position | Available |
| 12-13 | 4,275 SF | Retail | In-Line | Now |
12-13
| Size |
| 4,275 SF |
| Space Use |
| Retail |
| Position |
| In-Line |
| Available |
| Now |
12-13
| Size | 4,275 SF |
| Space Use | Retail |
| Position | In-Line |
| Available | Now |
4,367 square-feet of in-line retail space available for lease.
Fairly walkable
40/100
Exceptionally drivable
100/100
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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