Staunton shopping center sells for $2.2M
Orchard Hill Square shopping center tenants include Food Lion, TJ Maxx
A shopping center in Staunton sold for $2.2 million, Colliers International announced late last week.
The 55,984-square-foot Orchard Hill Square shopping center is located at 11 Orchard Hill Circle. It was 82.5% leased at the time of the sale to tenants including Food Lion, University of Virginia Dialysis, TJ Maxx, Ashley HomeStore and Tractor Supply.
“This was an excellent opportunity to purchase a stable asset with highly attractive yields that also displays immediate and future value creation.” Colliers Vice President Jay O’Donnell said in a statement. “The co-tenancy of the center and strategic positioning at this regional location bode well for the future of the asset.”
Libby Orchard Hills LLC sold the property, which is located one mile from Interstate 81, to Orchard Hill Square LLC. The new owner will be able to lease up to 9,748 square feet of the property.
O’Donnell and Jeff Fritz of the Colliers’ Retail Investment Group executed the sale on behalf of the seller.