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Mid-Year 2022 Richmond Retail Market Report

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“The first half of 2022 continued to show strong retail demand that carried over from 2021, but the sector has shown signs of slowing in the second quarter. Lack of small shop space and big box inventory, challenges in employee retention, inflation and overall concern about the economy have all contributed to diminished leasing in the retail sector. The lack of inventory is not just on the leasing front, but also on the sales front for both pad sites and existing retail properties. There has been huge demand from automotive users, car washes especially, to purchase pad sites or redevelop existing retail sites such as former fast food and bank branch locations. These users tend to pay a premium other retail users cannot afford, pricing a lot of users out of the market. Most pad opportunities have now been acquired and there are very few sites for quality free standing retail users in the Richmond MSA. We expect for all these trends to continue for the remainder of the second half of the year.”

Peter Vick & Harrison Hall | Senior Vice Presidents

Key Takeaways

  • Stony Point Fashion Park sold for $14.6 million to Second Horizon Capital, an impact investment group known for redesigning underutilized properties into economic powerhouses and vibrant destinations. The property was 55% occupied at the time of sale.
  • Chesterfield County approved the redevelopment of Spring Rock Green, currently a traditional mall plagued with long-term vacancies. The shopping center will be transformed into an “urban village” with mixed use developments adding 1,200 housing units and 125,000 square feet of new retail space.
  • Mixed use and adaptive reuse projects have increased in popularity in recent quarters. Regency Mall adopted the conversion to mixed use by adding a 320-unit apartment building on the site of an empty Sears shell. These projects are expected to deliver increased foot traffic and sales to the mall.

MidYear Retail Richmond

Mid-Year 2022 Richmond Retail Market Report

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Related Experts

Peter Vick

Senior Vice President

Richmond - North

As Senior Vice President and Co-Director of the Retail Services Team, Peter Vick specializes in site selection, tenant and landlord representation, land sales and investment sales.

Peter has handled project leasing for existing and ground-up developments. Recent signature assignments include West Broad Village, The Row at GreenGate, Libbie Mill Midtown, and Winterfield Crossing, all mixed-use projects located in Richmond, VA. He has handled the disposition of numerous commercial investment sales that include grocery anchored shopping centers as well as single tenant NNN sales. Working with numerous local and national retailers, Peter has been involved in the leasing of over three million square feet of commercial space and the disposition/acquisition of over $300M in sales.

Peter is responsible for the leasing of a portfolio consisting of four million square feet of retail space throughout Virginia for clients that include, Sauers Properties, Site Centers, Markel Eagle, Rebkee Properties, Gumenick Properties, Blackwood Development, Spy Rock Real Estate Group, Sugar Oak Properties, Riverstone Properties, Colterra Capital, Pruitt Companies, Frontier Development, W.S. Carnes, Premier Companies and numerous other local, Regional and National Landlords and Developers. Additionally, Peter is part of the Colliers team that overseas the National retail expansion of LL Flooring (Lumber Liquidators).  

Prior to joining Colliers, Peter was Senior Vice President of Retail Sales and Leasing at Divaris Real Estate in Richmond, VA. Before that, Peter began his real estate career in 2008 with The Wilton Companies in their third-party brokerage department. In 2010, he joined NAI Eagle as a founding partner and principal.

 

Notable Tenant Transactions
• Lidl
• Bloomin’ Brands
• Diamonds Direct
• Golfsmith
• Crunch Fitness
• Verizon
• TitleMax
• Burger King
• McDonald’s
• Mellow Mushroom
• Richmond Restaurant Group
• EAT Restaurant Partners
• Starbucks
• Xfinity
• Kona Grill
• Cook Out
• Zaxby’s
• Chipotle
• First Watch
• Hand and Stone
• Bon Secours
• Venture X
• VA ABC
• Food Lion
• Crunch Fitness
• Hibbett Sports
• Chipotle
• Panda Express
• Lumber Liquidators

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Harrison Hall

Senior Vice President

Richmond - North

As Senior Vice President and Co-Director of the Retail Services Team, Harrison specializes in retail site selection, landlord and tenant representation, land assemblage, land sales and investment sales.

His intimate knowledge and experience in the industry has afforded opportunities to work with tenants including Whole Foods, Lidl, Bloomin’ Brands, Diamonds Direct, Golfsmith, Crunch Fitness, Verizon, TitleMax, Burger King, McDonald’s, Rite Aid, Mellow Mushroom, Richmond Restaurant Group, EAT Restaurant Partners, Starbucks, Xfinity, Kona Grill, Cook Out, Zaxby’s and many other high profile national and local tenants. He has also worked on both the acquisition and disposition side of numerous investment sale transactions varying from grocery-anchored retail centers to single-tenant, triple-net properties. Harrison has been involved in the leasing of over four million square feet of commercial space and the disposition/acquisition of over $300M in sales.

Recent signature assignments include West Broad Village, The Row at GreenGate, Libbie Mill Midtown and Winterfield Crossing, all mixed-use projects located in Richmond, Virginia.

Harrison began his commercial real estate career in 2003 working for The Shopping Center Group. In 2005, he joined the Wilton Companies and assisted in creating their Third-Party Brokerage Group. After five years, Harrison left the Wilton Companies to become a principal and founding member of NAI Eagle, a full-service real estate firm specializing in retail and mixed-use real estate. Most recently, Harrison was Senior Vice President of Retail Sales and Leasing at Divaris Real Esate in Richmond, VA.

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Rob Black

Senior Vice President

Richmond - North

Mr. Black has over 30 years of experience in the commercial real estate industry as a manager and broker. He primarily focuses on Tenant representation and site sourcing. Mr. Black has completed a number of Investment Sales transactions. Previously, he was Director of Retail Leasing for Robinson Sigma Commercial Real Estate. Mr. Black was also Senior Vice President and Director of Retail Services for CBRE|Richmond. He is presently Senior Vice President with Colliers International. He has received production awards for the last 17 years. Mr. Black was a Top 10 Producer for the Richmond Office in 2008, 2010 and 2016. He was awarded the GRACRE Retail Deal of the Year for 2014 and 2016.


Rob is presently working with CMX, Cinebistro and Cobb Theatres securing sites in the Southeast. He exclusively represents Discount Tire, Floor & Décor, Sola Salons, Capital One, NAPA, Haverty’s, Boot Barn, and Second Charles for expansion in Virginia.

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Robby Brownfield

Senior Vice President

Richmond - North

Robert Brownfield has been a member of the Retail Brokerage Services Group since 1996 and earned his associate broker's license in 2002. He works in landlord and disposition services as well as tenant representation, market analysis and retail property and investment sales.

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Madison Spear

Associate

Norfolk - Main

Maddy Spear joined the Retail Leasing and Sales Team as an Associate, following her graduation from the University of Mary Washington with degrees in Business Administration and English. In the Summer of 2017, Maddy interned with the firm and through this experience she was able to partner with all service lines within the Hampton Roads office. Currently, Maddy travels between Richmond and Hampton Roads and is very familiar with both markets.

In 2019, Maddy and another associate leased 15 spaces in two months at Lynnhaven North, a 173,191 square foot center in Virginia Beach. They back filled 2 box spaces (totaling over 68,000 square feet) that has been vacant for 1 and 3 years respectively.

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Hamilton Shaheen

Associate

Richmond - North

Hamilton specializes in general tenant and landlord representation.  Hamilton assists private clients, regional, and national firms in selling, acquiring, and identifying land development opportunities for a variety of uses including industrial, retail pad sites, mixed use, and multifamily.

Prior to joining Colliers, Hamilton worked for Marcus & Millichap in their San Diego office located in La Jolla, California. Hamilton provided value to a top multifamily investment sales team as a financial analyst and researcher. He gained significant exposure working alongside a team that specialized in the selling of multifamily apartment buildings in San Diego County, as well as facilitating clients' 1031 exchanges into like-kind properties such as apartments, triple-net, retail, and mobile home properties.  Additionally, he was involved in the process of providing valuations for properties both nationally and throughout San Diego County.

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Chris Doyle

Senior Vice President

Richmond - North

Chris Doyle has over 33 years of experience in the commercial real estate industry, the last 25 as an Associate broker.  His primary area of expertise is site selection for local, regional and national retailers and developers as well as implementing all aspects of retail shopping center development.  During Chris' 33 years in the industry, he has consummated over $400 million in sales and leases.  

Chris has involved himself in the brokerage, leasing and/or development of over 40 shopping centers from Virginia to Florida.  Previously, he was Vice President for the Richmond office of Trout, Segall and Doyle from 1993 to 1996.

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Barry Hofheimer Sr.

Senior Vice President

Richmond - North

Since 1981, Barry Hofheimer has been actively engaged in the commercial real estate field. He has a wide range of experience including investment sales, office and retail leasing, and land development. Barry is now semi-retired but does partner with the appropriate active broker on certain lease and sale transactions. In addition, his experience includes many lease transactions, work on behalf of major companies relocating to the Richmond area, corporate headquarter site selection, retail prototype site selection, land development for residential communities and neighborhood retail.  Barry and two partners joined the firm in 2001 upon closing their boutique commercial firm, Virginia Landmark Corporation. 
Prior to entering the commercial real estate field, Barry was Vice President of Jefferson Manufacturing Company, a menswear manufacturing company.  Barry coordinated the manufacturing end of the business scheduling the production and shipping of 500,000 pairs of men’s slacks and 150,000 coats annually. 

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Komail Khaja

Director - Research

Richmond - North

Komail is the Director of Research for Central, Western, and Southeastern Virginia.  As of February 2022, Komail also oversees research operations in Raleigh, NC.  He joined Colliers | Virginia in January of 2019.

Komail oversees research operations throughout the region, manages the Research Analysts in the company, and supports all the company’s brokers primarily in the Richmond and Norfolk offices.  He began his real estate career in 2014 as a Real Estate Services Manager for the Fairfax County Economic Development Authority and then moved to CBRE as a Business Research/Data Intelligence Analyst.  He provides valuable customized research data which includes market trends, lease and sale comparables, GIS mapping, economic information and more.  In addition, he is also responsible for quarterly market reports, maintenance of the company research database, and tracking notable news/patterns pertaining to the local real estate market.

His foundations are in Geographic Information Systems (GIS), data visualization, urban planning, demographics, and business development. 

Komail understands the needs of clients and works to deliver top-notch market research and analysis to help our sales professionals deliver the best service to their clients so they can make the most informed decisions on their real estate needs.

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John Vithoulkas

Research Analyst

Richmond - North

John joined Colliers in September of 2021 as a research analyst, working alongside the Research team to provide support for the brokerage division. His responsibilities include providing market data to commercial properties such as retail, multi-family, industrial, and hotel. In addition, John compiles and writes industry and speciality reports, as well as in-depth research and reporting on relevant companies and industries.  

Prior to Colliers, John worked for Costco Wholesale in Richmond where he collaborated with supervisors and managers to determine merchandising plans. He is a recent graduate of the University of Virginia where he studied economics and data analytics. 

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