Ridge Shopping Center

Jones Lang LaSalle is pleased to present the opportunity to acquire Ridge Shopping Center – a 100,807 square foot shopping center anchored by The Fresh Market in Richmond, Virginia.

Built in 1969, Ridge Shopping Center has long been a fixture in Richmond’s West End retail submarket. The Property is anchored by The Fresh Market, who has served as the foundation of the asset since 2006, and recently executed their 1st of five contractual renewals, affirming their commitment to this location.

Currently 88% leased, Ridge Shopping Center offers future ownership immediate upside via 11,600 SF to lease up across five available suites, as well as 48,811 SF of in-line space with below market rents. The lease-up of the vacancy combined with the mark-to-market of inline rents drives NOI growth of $703,073 and a 5-year NOI CAGR of 4.5%.

Additionally, two separately parceled, single-tenant pads leased to Chick- Fil-A and Hangry Joe’s Hot Chicken present accretive spin-off opportunities in the net lease market. Located at a signalized entrance on Parham Road, the major internal loop connecting Interstates 64 and 95 with the Powhite and Chippenham Parkways, the Property has unimpeded visibility to 30,000 vehicles per day and an additional 13,000 vehicles per day traversing Eastridge Road at the asset’s intersection.