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Henrico: Gayton Crossing shopping center is sold

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8 months ago

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Henrico: Gayton Crossing shopping center is sold

A Baltimore real estate investment firm has bought the Gayton Crossing shopping center in western Henrico County.

Continental Realty Corp. did not disclose the sales price.

A limited liability company that shares an address with the Atlanta offices of the Shopcore Properties real estate investment firm had bought Gayton Crossing in 2019 for $29 million, according to Henrico tax records.

The new purchase is Continental’s first move into the metro Richmond market, and the company’s senior vice president, Josh Dinstein, said the firm is looking to bring new-to-Richmond tenants to fill the center’s nearly 45,000 square feet of vacant space, including food and beverage, health care and education operations.

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Baltimore-based Continental Realty Corp. has purchased the Gayton Crossing shopping center in western Henrico County.




Gayton Crossing is a 160,830-square-foot center at the intersection of Gayton, Gaskins and Quioccasin roads.

It is anchored by a Kroger supermarket and hosts Goldfish Swim School; Dog Krazy pet store; and the restaurants Les Crepes, the Melting Pot and Chianti. Other tenants include Bank of America, Gold’s Gym, Jos. A. Bank, KidStrong, Starbucks Coffee, a Virginia ABC store and The UPS Store.

“The asset currently functions as a true neighborhood shopping venue, with its successful grocery anchor and complementary blend of national and locally owned retailers and restaurants,” Dinstein said.

He said more than 100,000 people reside within a five-mile radius of Gayton Crossing, including more than 75,000 households with an average household income exceeding $135,000.

The parking lot can accommodate nearly 700 vehicles.


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“Our team was initially attracted to Gayton Crossing due to the presence of the dominant grocery store in the greater Richmond area, and our interest grew after closely studying the balance of the tenant mix and examining the underlying regional fundamentals of this extremely healthy and diverse submarket,” said J.M. Schapiro, Continental’s CEO.

Henrico tax assessors have valued the center at $11.7 million. It was built in 1981.

Shopcore sold four centers in Arizona, Colorado, New Jersey and Ohio last November in a $100 million deal, according to industry reports.

Continental bought the center with funds from Continental Realty Opportunistic Retail Fund I. It has raised $296 million and has so far used it to acquire 12 retail properties with about 2.7 million square feet of space, including last year’s $78 million purchase of Lakeside Village, a nearly 460,000-square-foot center east of Tampa, Florida, and the $110 million purchase of South Coast Collection, a 292,000-square-foot luxury home furnishing and design lifestyle center in Costa Mesa, California.

Founded in 1960, Continental owns and manages a more than $3.7 billion portfolio of properties, including retail centers with nearly 8 million square feet of commercial space and more than 9,000 apartments in 11 states.

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