-- 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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