The Hampshire Companies Completes Sale of Three Adjoined Parcels in Mechanicsville, Virginia
The parcels totaling 6.25-acres were sold to three separate buyers over the course of three years
The Hampshire Companies, a full service, private real estate investment firm with assets valued at over $2.3 billion, announces it has completed the sale of its Mechanicsville, Virginia portfolio, which consists of three parcels totaling 6.25-acres. The parcels, two of which were previously developed and leased, were sold separately to maximize profit over a three-year period.
The first parcel, a 1.23-acre site located at 7991 Compass Point Lane, was sold in 2013 to a private buyer. The property boasted a 7,609-square-foot retail center on a corner location with excellent visibility. The building is leased long-term to Bridgestone Retail Operations, LLC, which operates a Bridgestone/Firestone automotive service center from the location.
“Given Hampshire’s deep understanding of national real estate fundamentals we exhibited great foresight and prudence to recognize an early demand for a net-leased quality product for this location, said Igor Derbaremdiker, Director of Dispositions for The Hampshire Companies. “Given this recognition, Hampshire was able to exceed investment returns on this transaction.”
The second parcel which totals 3.97-acres and is located at 8001 Compass Point Lane was sold to The Kroger Company in January 2016. Hampshire was able to attain conducive pricing as Kroger was engaged in assembling several lots for the proposed development of a new supermarket and needed the land to move forward in their development plans.
“For Hampshire this was the perfect time to monetize these lots as a deal was concurrently in the works for the third parcel of land that we owned,” added Derbaremdiker.
The third parcel, a 1.04-acre property located at 6450 Mechanicsville Turnpike, was recently sold to a private buyer. The property has a 7,382-square-foot retail building which Hampshire was able to enter into a long-term ground lease agreement with AutoZone prior to the disposition. Upon a rent commencement, Hampshire was able to find a prospective buyer and close on the deal after AutoZone received a Certificate of Occupancy and became fully operational.
“The decision to forego the opportunity to sell the asset in one transaction for the potential to bring more value to our investors was reached after exhaustive due diligence,” said Derek Gardella, Portfolio Manager for The Hampshire Companies. “At Hampshire we will look at every angle we can in an effort to maximize our experience and understanding of marketplaces for the benefit of our investors. In the end, Hampshire’s recognition of the market conditions and the need for similar assets in the marketplace led to the successful marketing and sale of three strategically parceled assets with far greater value than a single, larger parcel.”
Chris Bosworth and Brian Pfohl of CBRE represented Hampshire for the sale of 7991 Compass Point and 6450 Mechanicsville Turnpike. Mike Carroll of General Land Commercial Real Estate represented Hampshire for the sale of 8001 Compass Point.
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