First Washington Realty has sold Harbour Pointe Village, a 123,772-square-foot grocery-anchored shopping center in Midlothian, Va., in a transaction arranged by JLL. The anchor tenant, Publix Supermarkets, acquired the asset that was 96 percent leased at the time of closing.
Publix paid $35.8 million for the asset, according to Richmond BizSense. The property previously traded in 2012 for $20.8 million, CommercialEdge data shows.
Completed in 1993 on nearly 14 acres, Harbour Pointe Village underwent a cosmetic renovation in 2017. Its tenant roster includes a diverse mix of 16 retailers, such as Publix, Golds Gym, Crumbl Cookie, Little Caesars, Comcast, Dong’s Karate and Rico’s Mexican Restaurant.
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Located at 13602-13728 Hull Street Road, the shopping center is in an area where the daily traffic count reaches more than 70,000 vehicles, according to JLL. Harbour Pointe Village serves 104,909 individuals and about 37,955 households within a 5-mile radius, with the average income of $139,581, according to First Washington.
JLL Managing Directors Jordan Lex and Dean Sands, together with Director Daniel Naughton, led the Capital Markets team working on behalf of the seller.
Grocery-anchored shopping centers in thriving submarkets—particularly in the Southeast—are highly sought after by investors, Lex mentioned in prepared remarks. The Publix at Harbour Pointe Village is one of the chain’s best-performing locations, attracting more than 600,000 visits annually, JLL also shows.