Ashland Hanover Shopping Center

251 North Washington Highway,
Ashland, Virginia, 23005

  • Purchase Price
    $17,750,000
  • Sold Price
    $22,500,000
  • Hold Period
    4 Years
  • Investor IRR
    6%
  • Ending Occupancy
    95%

Anchor Tenants

Property Overview

Acquired in 2018, Ashland Hanover Shopping Center is a 221,160 SF, Food Lion-anchored shopping center in Ashland, Virginia. During the hold period, we significantly improved the credit profile and value of the center through a combination of lease-up and value-creation initiatives. On top of this, the center’s location and presence of strong-performing national tenants ensured stable cash flow throughout the assets hold period. Despite complications due to COVID-19, the firm’s efforts culminated in strong growth to the center’s value from when we initially purchased it.

Be sure to learn more about this deal in our Ashland Hanover Shopping Center case study.

Property Highlights

  • Ashland’s Food Lion was one of the most successful Food Lion stores in Virginia, with sales well in excess of other Food Lions in the area.
  • Ashland Hanover Shopping Center was firmly established as a key resource for a prominent Ashland suburb, which is part of the thriving Richmond MSA.
  • Increased occupancy from 88% to 95%+ with increasing rents.

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