RICHMOND, VA (April 2020) – S.L. Nusbaum Realty Co. is pleased to announce the acquisition of an 86,627 square retail building located at 10101 Brook Road in Glen Allen, VA by Impact Investments Group, LLC. David T. Kalman, Vice President, S.L. Nusbaum Realty Co., Richmond office, represented the purchaser.
The building is under a long term lease to American Family Fitness and was part of the Virginia Center Commons Mall. The 10.83 acre parcel was split-off from the original mall footprint prior to its recent sale to The Rebkee Co. and Shamin Hotels.
“Impact Investments Group recognizes the long term value of the parcel; especially in light of the planned redevelopment of the site”, said Kalman.
Rebkee and Shamin’s redevelopment plans include a hotel, retail and entertainment uses, along with a possible residential component. In addition to their plans, Henrico County purchased approximately 25 acres of the site from Rebkee and Shamin with plans to build a sports and convocation facility on the site.
Kalman said further that Impact was attracted to the property “because of the quality of American Family Fitness’ operation and the belief that the operation will be enhanced by the redevelopment plans and the location of the county sports facility on the site.” Impact has been active in Virginia Center market for several years having purchased the former Macy’s building in 2017, and then selling it to Rebkee and Shamin in January. “The continued growth in the general area, as well as the redevelopment plans taking place, made this a very appealing acquisition for my client” Kalman said. The purchase price was $4,100,000.
For more information, please contact David T. Kalman, Vice President, S.L. Nusbaum Realty Co., firstname.lastname@example.org, 804.539.8404.
With over 115 years of expertise in the real estate industry, S.L. Nusbaum Realty Co. manages, develops and provides sales and leasing services for shopping centers, apartment communities, office, industrial and investment properties throughout the Mid-Atlantic and Southeast.