Henrico County restaurant property sells for $2.74M

First Watch is an outparcel property of Regency Mall, which is now being redeveloped.

Published May 4, 2020 by Sydney Lake

A restaurant property in Henrico County, located on the outskirts of Regency Mall, has sold for $2.74 million, Cushman & Wakefield | Thalhimer’s Capital Markets Group announced Monday.

The 3,615-square-foot property is fully leased to First Watch Restaurants Inc., which has a 10-year lease. The property is an outparcel of the mixed-use Regency redevelopment, which is now a designated opportunity zone. First Watch is a café chain with 12 locations in Virginia. 

This property was sold by 1420 N Parham Rd LLC to Parkway Gardens LLC in a transaction that closed on April 30. The sale was completed by Eric Robison and Catharine Spangler of Thalhimer’s Capital Markets Group.

When the Regency redevelopment is complete, it will have 1,250 apartment units over 850,000 square feet of retail, office, hotel and entertainment space. The first 320 apartments are set to be constructed within the next few months. 

Some of the tenants that have committed to developing within the Regency redevelopment include Surge Trampoline Park, BetterMed, Panera, PenFed Realty, Yoga6, Jersey Mike’s, Starbucks, Chipotle and MOD Pizza.

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