Penney retail outlet at Regency mall fetches $3.1 million | Business News

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The J.C. Penney retail outlet at Regency shopping mall in Henrico County sold for $3.1 million.

The mall’s entrepreneurs — Thalhimer Realty Companions and The Rebkee Co. — obtained the 170,000-square-foot retail outlet, which was constructed in 1976, and the 6.91 acres that the keep and parking great deal sit on. The sale was finished Friday.

The Penney building and land is assessed for $3.223 million, in accordance to the county’s online home documents.

Buying the store — Regency’s remaining anchor tenant which is slated to near this thirty day period — gives the mall’s owners full manage of the Regency residence. The homeowners are in the midst of reworking the aging shopping mall into a blended-use enhancement with retail, eating places, residences, places of work and enjoyment venues.

“This is the final key growth piece that we have been hoping to invest in considering that we acquired the shopping mall. It is component of completing our vision of how we want to redevelop the total house,” claimed Mark H. Slusher, senior vice president of Thalhimer Realty Associates, the expense and improvement subsidiary of the Henrico-based industrial genuine estate organization Cushman & Wakefield | Thalhimer.

The two firms purchased the enclosed section of the mall, the two former Macy’s buildings, the Sears properties and related parking a lot from 2015 to 2018. In the earlier yr, the proprietors have bought freshly made structures on the mall’s 48-acre assets — the one housing the Very first Check out restaurant together Quioccasin Road and the properties housing BetterMed Urgent Treatment, Panera Bread and PenFed Realty alongside Parham Street.