The Breeden Co. reports more than $4 million in land sales

Published July 3, 2014 by Robert Powell, III

The Breeden Co., a Virginia Beach-based commercial real estate company, has closed on more than $4 million in land sales at Towne Center West in Henrico County in the past 90 days.

The transactions at the 40-acre mixed-used site in the county’s Short Pump area are expected to lead to new retailers, restaurants and office buildings.

The Stanley Shield Partnership bought 4.11 acres of land, planning to build a 109,000-square-foot, five-story medical building by late summer. The $48 million development is part of a series of medical office buildings planned by Stanley.

“This is the missing piece,” Mark Pendleton, the president of Breeden Realty, said of Stanley’s plans in a statement, adding “we now have the office component, which has long been sought after.”

Another deal involved an 8,376-square-foot BJ’s Restaurant and Brewhouse.

Breeden began work on Towne Center West in 2007. Development, however, stopped in 2009 because of the Great Recession.

The company said seen what it calls “the Short Pump Surge” in the past year.

Town Center West already includes a Hilton hotel (including a Shula’s Steakhouse and Aura Salon & Spa), the Virginia Eye Institute and an Ethan Allen store.

Two apartment communities on the site, Reflections at West Creek and Marshall Springs at Gayton West, provide a total of 842 units.