Overview
Cushman & Wakefield | Thalhimer is pleased to offer for sale Staples Mill Plaza (the “Property”), a 70,147 SF grocery-anchored retail center in Richmond, Virginia. The Property features 14 tenants with a weighted average remaining lease term of 7.8 years throughout two buildings on separate tax parcels. High-performing, investment grade Anchor, Food Lion, Inc. has been operating in the center since 1986 and occupies 33,448 SF (47.7%) of the GLA. They have recently executed an early renewal with no monetary incentive extending firm lease term to December of 2034. Over its 40-year tenure, Food Lion has expanded by 8,448 SF, exercised an early renewal option, and maintains a health ratio of 1.68%. The Property benefits from an overall tenant tenure average of 25.0 years, combining seasoned tenants with strong leasing momentum in smaller spaces.
The remainder of the diverse tenant mix includes national and regional operators such as
Subway, Pizza Hut, and Hair Cuttery. Ideally located at the signalized corner of VA Rte. 33, Staples Mill Rd (27,000 VPD) and Hungary Springs Rd (13,000 VPD), the Property is in a vibrant retail corridor near major traffic generators like Target, Aldi, and Marshalls. Recent leasing activity and rising market rents underscore the Property’s strong fundamentals and positioning for future value creation.
The Staples Mill submarket benefits from a low vacancy rate of 2.5% with consistent YOY rent growth, driven by a robust nearby demographic. Within three miles, the area boasts an average home value of $405,907, average HHI of $102,553, and a projected 14% increase in HHI over the next five years. A subdivided unanchored strip offers flexibility and opportunity for value creation for the next owner. With a balanced mix of near-term income security and an ideal positioning in the path of growth, Staples Mill Plaza offers a risk-mitigated opportunity for stable income backed by strong market fundamentals.
Investment Highlights
High Performing Anchor Tenant with Sucessful Operating History
- Food Lion, a member of the Ahold Delhaize family (OTCMKTS: ADRNY | S&P: BBB+ | FORTUNE GLOBAL # 114), has almost 40 years of successful operating experience at Staples Mill Plaza. Occupying 33,448 SF in the center and driving over a half million customer visits annually, Food Lion recently exercised an early renewal option, extending their firm lease term to December 2034.
Thriving Retail Trade Area
- 97.5% occupancy rate Staples Mill - Parham submarket
Seasoned E-Commerce Resistant Tenancy
- Staples Mill Plaza, comprised of a largely service and daily need based tenant roster, boasts a weighted average tenant tenure of 25.0 years with nearly 70% of the occupied GLA having 15 or more years of successful operating history at the Property.
Dynamic Location Surrounded by Diverse, Complementary Property Types
- Ideal location at signalized corner of VA Rt 33, Staples Mill Rd (27,000 VPD) and Hungary Springs Rd (13,000 VPD) easily accessible to major thoroughfares, I-295, I-95, I-64 and W Broad Street
- Less than 1.5 miles from Parham Doctors’ Hospital (200 beds) and 3.6 miles from Henrico Doctors’ Hospital (340 beds), both major Richmond facilities operated by HCA
- Over the past two years, 1,264 multifamily units have been delivered in the submarket, with an additional 554 units proposed or under construction
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