On August 27, 2018, Premier acquired Deep Run Centre in Richmond, Virginia for $6,500,000. Deep Run is an 87,000 sf retail and flex property built in 1990 and comprised of two buildings in Richmond’s West End. Deep Run was acquired from the lender who had taken it back in a foreclosure proceeding two years ago. The property was 35% vacant at the time of acquisition and the largest tenant had failed to renew a lease maturing in a matter of months — all of which spelled opportunity for Premier.
Will Bradley of CBRE (now Colliers) represented the seller in the transaction. Attractive debt financing was sourced from a mid-western life company by Keith Wells of Northmarq. Equity was provided by Jonathan Cutler and another private investor. Premier Management Services, an Accredited Management Organization through the institute for Real Estate Managers, will manage the property. With this acquisition, Premier owns and manages over 600,000 sf in the Richmond market.
Updating this post in February 2019, we are please to announce that Deep Run is now close to 90% leased and the major tenants have renewed.