-- Colliers | Richmond represented the buyer in department store investment sale --

 

Richmond, July 20, 2018 – Local investment group Impact Investments Group, LLC is under contract to purchase the former Macy’s building at Virginia Center Commons from Macy’s Retail Holdings, Inc. The 109,813-square-foot building at 10101 Brook Road is situated on 9.077 acres of land on the east side of the mall. The property, which was separately owned by Macy’s, was sold at auction through Ten-X Commercial, represented locally by Rob Black and Robby Brownfield of CBRE Richmond.  David T. Kalman, Senior Associate with Colliers International, represented Impact Investments Group in the purchase. 

Following a disappointing sales performance in 2015, Macy’s closed 36 stores across the country. The Virginia Center Macy’s store, along with two Macy’s stores at Regency Square Mall, closed in spring 2016.

Impact Investments Group has made several other commercial real estate acquisitions in the Richmond market in recent years. The Group believes the property will play a vital role in any future revitalization of the Mall in the long term and in the short term will seek to lease out the property to one or more tenants. 

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About Colliers International Group 
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 12,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $20 billion of assets under management from the world’s most respected institutional real estate investors. 

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row.

Colliers is led by an experienced leadership team with significant equity ownership and a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.

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For further information, please contact:


Statia Gibson, Director of Research & Communications
Colliers International | Richmond & Norfolk
Phone: 804-591-2439
Email: statia.gibson@colliers.com