Premier Acquires Retail Portfolio in Richmond

600 to 714 N. Sheppard Street, Richmond

At the end of December 2020, Premier closed on its acquisition of the Museum District Portfolio in Richmond, Virginia. The 22,000 sf portfolio consists of 2 blocks of contiguous stores along N. Sheppard Street, walking distance from Monument Avenue and Richmond’s famed art and history museums. The 14 retail shops include restaurants and bars, a spin cycle studio, a real estate company, a market, and other local retailers. The property was 100% occupied at acquisition with some turnover anticipated, offering an opportunity to upgrade the property in the near term. Premier also plans to rebrand the neighborhood, taking advantage of its historical notoriety being known as the “Devil’s Triangle.” Management will be provided by Premier Management Services. New 10 year debt was placed by Southern Community Bank with the assistance of Northmarq Capital.