Joint venture eyes retail development in Virginia
An out-of-state joint venture has retail redevelopment plans for Chesterfield County and is on the hunt for other opportunities around the state.
In March, LWS Chesterfield Station LLC bought for $1.775 million the three parcels at 11124, 11134 and 11136 Midlothian Turnpike, according to a Chesterfield County property records.
The property is currently home to a bank building that will be demolished to make way for two one-story buildings, according to site plans filed with Chesterfield. One of the buildings will be a 3,496-square-foot dental office. The other building will be split between a 2,532-square-foot coffee shop and a 3,074-square-foot retail tenant.
LWS Chesterfield Station is tied to the Alabama-based real estate services firm Jim Wilson & Associates LLC. A subsidiary of Jim Wilson & Associates called JWA Ventures LLC provided the equity for the Chesterfield deal, according to Rick Langhorne, the president of JWA Ventures.
“We’re the equity guys behind this deal,” Langhorne says, adding it’s the first deal in some time JWA Ventures has done in Virginia. “It’s a good market. We happen to be following some tenants who are expanding there.”
The developer on the Chesterfield project is Georgia-based Salomon Real Estate Group. Salomon Real Estate Group, along with RH Ledbetter Properties, is part of a joint venture with JWA Ventures called LWS LLC, Langhorne says. RH Ledbetter Properties is a real estate development and management firm also based out of Georgia.
Langhorne says the group is actively looking at retail deals in Virginia. He says projects in Richmond and Suffolk are in the pipeline.
Cushman & Wakefield | Thalhimer's David Machupa and Ed Kimple represented the buyer of the Chesterfield deal. Thalhimer's Will McGoogan represented the seller.