NORFOLK, VA (March 2021): S.L. Nusbaum Realty Co. is pleased to announce the sale of Rustburg Marketplace, a 46,700 square foot shopping center in Rustburg, Virginia. The Kent Mall, LLC, a private real estate investment company from Pennsylvania, purchased the center from Rustburg Ventures, LLC of Richmond, VA for $4,700,000. The transaction closed on March 15th.
“This was a highly desirable property”, said Nathan Shor, Senior Vice President and Regional Director of S.L. Nusbaum Realty Co.’s Richmond office. “We had several offers from investors who had confidence in this center, despite its rural location.”
The center, anchored by Food Lion, features nine local and national tenants including Family Dollar, Virginia ABC, Domino’s Pizza, and Subway. It was 100% occupied at sale.
“Grocery-anchored centers have been on a lot of investors’ radars during COVID,” said Doug Aronson, Senior Managing Director of SLN Capital Markets, a division of S.L. Nusbaum Realty Co. who, along with Shor, co-brokered the transaction. “Grocers were among the most essential of businesses during the Pandemic. The Food Lion in Rustburg is the only game in town until you get to Lynchburg, some 11 miles away.”
According to the brokers, 88% of the tenants at Rustburg Marketplace have been in place for more than twenty years.
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.