Rosenthal Properties and PGIM Real Estate have formed a joint venture to acquire a portfolio of five grocery-anchored shopping centers located in the Richmond, Va., metropolitan area for approximately $125 million. Rosenthal will serve as operating partner, responsible for managing and leasing the portfolio. PGIM Real Estate, acting on behalf of institutional investors, is the real estate investment business of PGIM, the $1 trillion global investment management businesses of Prudential Financial.
The properties are located in the highly desirable micro-markets of Glen Allen, West End and Midlothian, and are maintained as first-class centers with national anchors as well as local tenants. All five properties offer prominent frontage on major thoroughfares and have significant barriers to entry for new retail development.
The venture’s investments include:
Staples Mill Marketplace, a 165,000-square-foot center anchored by Kroger Marketplace
Staple
