November 22, 2022 – Kyle Danielson of Horvath & Tremblay has successfully completed the sale of the Southern States Cooperative in Richmond (Midlothian), Virginia. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $5,000,000.
Southern States Cooperative is located at 1200 Alverser Drive in Richmond (Midlothian), Virginia. The Property was a build-to-suit for Southern States Cooperative and is improved with a 25,000 square foot building and a large outdoor garden center on 2.96 acres of land with outstanding visibility and more than 500 feet of frontage along Alverser Drive. Southern States Cooperative has been at this location since 1988 (more than 33 years) and has 5+ years remaining on their lease with one, 10-year renewal option. The tenant’s rent includes 10% increases every five years throughout the primary term and renewal option. The Property is strategically located along Alverser Drive, a ring road that connects the Midlothian Turnpike (US Route 60) with Huguenot Road (VA Route 147). The Property is situated in the heart of the Midlothian Chesterfield commercial district and is just seconds from the Chesterfield Towne Center, a 1 million square foot regional mall. Additionally, the surrounding area is home to countless national retailers (Walmart Supercenter, Target, Wegmans, and Costco), auto dealerships, the Johnston-Willis Hospital, and several large-scale apartment communities. The Property is also just 12-miles west of downtown Richmond.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.