Charlottesville and Norfolk, VA – September 24, 2020 – Colliers is pleased to announce the sale of Warsaw Village, a 60,100 square foot community shopping center located at 4719 Richmond Road in Warsaw, VA. Jay O’Donnell and Jeff Fritz of the Colliers’ Retail Investment Group brokered the off-market transaction between the buyer, Broad Reach Retail Partners (www.broadreachretail.com), and seller, Medalist Properties 1, LLC.
The shopping center is 81% leased and boasts a credit tenant roster including Food Lion, Walgreens, VA ABC, and US Renal Care. It’s situated in Virginia’s “Northern Neck” on the main thoroughfare of Route 360 and is the only true shopping center in the area. The property offers significant upside potential for the new owners through lease-up and selling or developing an included outparcel site, to complement the existing “essential” tenant base.
“We were excited to put together this off-market deal which bolsters both seller’s and buyer’s ongoing portfolio strategies.” said Jay O’Donnell, Vice President at Colliers.
Colliers Virginia has offices in Charlottesville, Fredericksburg, Richmond, and Norfolk.