In May 2019 Premier purchased the 183,000 sf Meadowbrook Shopping Center just outside of Richmond. This storied center has been the mainstay of the Meadowbrook neighborhood for over 50 years. Although recently experiencing significant vacancy with the loss of some major tenants, Meadowbrook still has a impressive tenant roster, including Walmart, Gold’s Gym, DaVita, Wells Fargo, Wendy’s, Firestone, Pizza Hut, and a State liquor store. This strong underlying tenancy provides an excellent current return while Premier works on a renovation plan to increase occupancy over the coming years.
Peter Vick of Divaris Real Estate sourced this off market deal for Premier. Very attractive long term, fixed rate financing was provided by Community Bank of the Chesapeake with assistance from Keith Wells of Northmarq. Equity was syndicated with Jonathan Cutler acting as a major investor. Premier Management Services, an Accredited Management Organization under IREM, will manage the property for the investment group.