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News release

Richmond, VA.

Jones Lang LaSalle Markets Hancock Village for Sale or Joint Venture in Richmond

Retail property is grocery-anchored; includes partnership investment option


RICHMOND, June 2, 2011 — Jones Lang LaSalle today announced the firm has been hired by EDCO, LLC to market Hancock Village for sale or joint venture partnership interest in the Chesterfield submarket of Richmond, Virginia.  Phase I of the 206,199-square-foot retail property includes a 176,305-square-foot Walmart Supercenter, two ground leased restaurants, and 29,894 square feet of “owned” inline space.  Phase II will be completed in late summer 2011 and anchored by Dick’s Sporting Goods and Hobby Lobby. Phase III is also included in the offering and the current owner/developer will complete the construction. The owners have also expressed interest in remaining with the deal as a partner and can continue to manage the property. 

Leading the Jones Lang LaSalle team on this transaction are Managing Directors Kris Cooper and Margaret Caldwell.  

“Hancock Village is a great opportunity to purchase outright or acquire a JV interest in a development project,” said Caldwell.  “We expect this to appeal to investors interested in core product given the grocery anchors, strong credit tenants, new construction and location in growth market of Richmond.”

Hancock Village is located along Highway 360/Hull Street Road, which connects to Highway 288 approximately four miles east of the property.  This four-mile stretch serves as the main retail corridor for West Richmond.  Phase I of Hancock Village, completed in 2010, is currently 94 percent occupied, while Phase II is already 96 percent pre-leased.  Phase III is currently planned for 141,623 square feet of retail, which will include approximately 122,184 square feet of anchor or junior anchor space and 19,439 square feet of in-line space.  Additionally, the southern portion of the site is available and zoned for approximately 100 moderately priced townhomes to complete the master community of Hancock Village.
 
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for our clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2010 alone, Jones Lang LaSalle Capital Markets completed $43 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $33 billion in global investment sales and buy-side transactions, equating to nearly $140 million of investment trades completed every working day around the globe. In the United States, Jones Lang LaSalle grew its office broker volumes by 257 percent in 2010 and is quickly gaining market share across all property types. The firm’s Capital Markets team comprises approximately 800 specialists, operating in 185 major markets worldwide.

About Jones Lang LaSalle

Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2010 global revenue of more than $2.9 billion, Jones Lang LaSalle serves clients in 60 countries from more than 1,000 locations worldwide, including 185 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than $43 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.