Hungarybrook Shopping Center in Richmond sells for $5.7 million

Coastal Equities, a privately held investment, development and property management company with offices in New York and Florida, has acquired the 87,190-square-foot Hungarybrook Shopping Center in Richmond for $5.7 million.

Anchor tenants in the center, located at 1200 Concord Ave., include Food Lion and Dollar Tree.
     
The sale was announced Tuesday by Divaris Real Estate Inc., which handled the transaction. Alexander Divaris, vice president, and Jason Oliver, senior associate, both in the Investment Sales Group, and John Wingfield, principal of the Richmond office of DRE, represented special servicer CWCapital Asset Management LLC. DRE also has been retained as exclusive leasing agent for the center.
       
This was the Investment Sales Group’s second recent sale of a Food Lion-anchored shopping center in Richmond.  Earlier in 2012, Divaris represented Mighty Oak, a subsidiary of GE Capital, in the sale of Brookhill Azalea Shopping Center to an investment partnership controlled by the principals of Broad Street and The Premier Companies, for $8.95 million.

Divaris Real Estate Inc. is headquartered in Virginia Beach and has offices in Chesapeake, downtown and suburban Norfolk, Newport News, and Richmond.