United Hampshire US REIT has acquired Colonial Square, a 168,326-square-foot Publix-anchored shopping center in the Richmond-area community of Colonial Heights, Va., for $26.25 million.
Colonial Square Associates-A Berman Kappler Property was the seller.
The strong performance by Publix at Colonial Square drives tremendous shopper traffic, as evidenced by the 1.11 million annual store visitors tracked by Placer.AI. The 99-percent-leased center is also home to national and local tenants, including new junior anchor Locke Supply. Originally constructed in 1967, the center was renovated in 2017 when Publix opened.
Colonial Square is located at 3107 Boulevard at the signalized intersection of Boulevard (U.S. Route 301) and East Ellerslie Avenue, which provides visibility to about 40,700 vehicles per day. The property is the premier grocery destination of Richmond’s southern suburbs and pulls from an extended trade area that includes 41,000 residents earning an av
