Rite Aid in Midlothian sells for $3.4 million

Marcus & Millichap announced the sale Thursday of Midlothian Rite Aid, a 14,845-square foot, net-leased property, for $3.42 million or about $230 per square foot.

Dean Zang, senior vice president investments in Marcus & Millichap’s Washington, D.C. office, along with Dean Foster of the firm’s Richmond office, had the exclusive listing to market the property at 3120 Polo Parkway on behalf of the seller, a Maryland-based development company. Zang also secured the buyer, based in the Philadelphia area.

The sale is of one of 20 transactions that Marcus & Millichap has brokered so far this year in the Richmond area.

According to the firm, the investor plans to maintain the current status of the property. “Though the property had a short-term lease, we were under letter-of-intent (LOI) within a week of launching on the market,” Zang said in a statement. “As with most properties we market in the Richmond region, out-of-market investors were particularly interested … I would guess 90 percent of the transactions we complete in the market involve a buyer from outside the region; they just pay more than most local investors.”

The Rite Aid drugstore is located in Midlothian, a western suburb of Richmond, off Huguenot Road. The store is across from The Shoppes at Bellgrade, a shopping center anchored by a Kroger supermarket.