Chesterfield Towne Center sells to New York, Swiss companies

Chesterfield Towne Center, the largest enclosed mall in the Richmond area, was sold on Friday to New York-based real estate investment firm JRE Partners and Switzerland-based Anastacia AG.

Los Angeles-based real estate development and management company Pacific Retail Capital Partners, which announced the sale, will assume management and leasing responsibilities for the property.

The financial terms of the deal were not disclosed, and the purchasers declined to comment on the transaction.

Brookfield Properties, one of the nation’s largest mall operators, previously owned the property. According to Chesterfield County real estate records, the mall property is 72.4 acres, with an assessed value of $67.8 million.

The 1.03 million-square-foot mall, located at the intersection of Midlothian Turnpike and Huguenot Road, serves as a retail cornerstone for one of Richmond’s largest and fastest-growing suburban communities. According to PRCP, the property draws 5.8 million annual visitors from a 5-mile trade area with a median household income of $106,083.

With several national retail chains and dining destination, the mall is anchored by Macy’s, JCPenney, At Home, and T.J. Maxx/HomeGoods stores.

PRCP plans to leverage its relationships with national and local retailers to improve the center’s merchandising mix and customer experience. The company may redevelop the property, though a spokesperson said there is no timeline or guarantee it will happen.

“Working alongside two deeply respected institutions in JRE Partners and Anastacia AG, we will look to elevate the consumer experience at Chesterfield Towne Center,” PRCP CEO Steve Plenge said in a statement. “We collectively feel there is massive upside potential at this strategically important asset that can be realized through leasing enhancements, operational improvements and repositioning opportunities — all services that PRCP specializes in and excels at. We look forward to partnering with the community, being true hands-on operators and reinvigorating this property for generations to come.”

PRCP firm currently manages more than $3 billion in retail assets nationwide.