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Colliers Facilitates Sale of Orchard Hill Square for $2,200,000

OrchardHillSquare2

Charlottesville, VA – November 13, 2020 – Colliers is pleased to announce the sale of Orchard Hill Square, a 55,984 square foot neighborhood shopping center located at 11 Orchard Hill Circle in Staunton, Virginia.  Jay O’Donnell and Jeff Fritz of the Colliers’ Retail Investment Group executed the sale on behalf of the seller, Libby Orchard Hills, LLC. 

The shopping center is 82.5% leased and boasts a stable tenant roster anchored by Food Lion, the dominant grocer in the region, along with University of Virginia Dialysis and is shadow anchored by TJ Maxx, Ashley HomeStore, and Tractor Supply. It is strategically located one mile from I-81 interchange at the crossroads of I-81 and I-64 with excellent access.  The property offers immediate upside potential for the new owners, Orchard Hill Square, LLC, to lease up 9,748 square feet of available space across four suites.  In addition, the outparcel shops contain leases with less than three years of term, allowing for repositioning of the parcel. 

“This was an excellent opportunity to purchase a stable asset with highly attractive yields, that also displays immediate and future value creation.” said O’Donnell, Vice President at Colliers. “The co-tenancy of the center and strategic positioning at this regional location bode well for the future of the asset.”

Colliers Virginia has offices in Charlottesville, Fredericksburg, Richmond, and Norfolk.  To learn more about Colliers or to view other investment sales opportunities, please visit: www.colliers.com


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Jay ODonnell

First Vice President

Charlottesville

Jay O'Donnell joined the firm's Charlottesville office  as Vice President of Brokerage Services in 2015 and was promoted to First Vice President in 2020. As a member of the Colliers Retail Investement Property Group, Jay focuses on advising private and institutional investors in the dispostion and acquisition  of retail assets throughout the mid-atlantic. Jay also performs occupier and agency services as well as user and investment sales in Charlottesville and central Virginia.

His previous position was with CBRE in their Washington, DC office where Jay was responsible for over 1 million square feet of existing inventory as well as product under development in the district, suburban Maryland and Northern Virginia. His responsibilities included tenant generation and prospecting, business developement, multiple market analysis, landlord services and lease and sale negotiations before focusing on capital markets and joining the CBRE Mid-Atlantic Investment Team.  

Prior to his career in commercial real estate, Jay worked for a sports production firm in Winchester, VA. He graduated from the University of Virginia with a degree in Economics.

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Jeff Fritz

Vice President

Norfolk - Main

Jeff Fritz is a Vice President and a plaform leader of Colliers Retail Investment Property Group. In this capacity, he is responsible for supervising and directing retail investment sales activities. Jeff also works to advise private and institutional investors on the acquisition and disposition of retail assets throughout the Mid-Atlantic. Prior to joining Colliers, Jeff had 13 years of commercial real estate experience in development, asset management and real estate management primarily focused on retail properties. Through his prior experience, Jeff developed a thorough understanding of retail property financials, construction, development, leasing, and operations which serve his investment property practice well.

Jeff is actively involved in ICSC as well as being a member of the Hampton Roads Association of Commercial Real Estate (HRACRE) and the CCIM Institute.

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