Premier Sells 183,000 sf Retail Center in Richmond

Rendering of Meadowbrook Plaza - Richmond, VA

Premier is pleased to announce that on December 15, 2021 it sold the Meadowbrook Plaza Shopping Center property to California REIT, United Growth. Meadowbrook is a 9 building, 183,000 sf retail complex just south of Richmond. The unrenovated center was built in the 1960s and Premier undertook an extensive renovation, including a completely new facade. The center was approximately 50% vacant at the time of purchase, but included tenants such as Walmart, Gold’s Gym, Davita, Wells Fargo, Wendy’s, Firestone, Pizza Hut, the State ABC store, and others. Premier was successful in signing new leases with two national tenants and a regional restaurant group before being approached by the United Growth REIT about a profitable off-market purchase. The sale was concluded successfully in December. The property was fully managed by Premier Management. The sale was handled by Peter Vick, Harrison Hall, and Maddy Spears of Colliers, who also handled the leasing of the property.