Richmond-area Valvoline retail store sold
JLL Capital Markets closed the $1.7M sale of the single-tenant asset
WASHINGTON, D.C., September 22, 2020 – JLL Capital Markets announced today that it has closed the $1.7 million sale of a newly constructed 1,668-square-foot retail property ground leased to Valvoline in the Richmond-area community of Chester, Virginia.
JLL marketed the properties on behalf of the seller, Tennessee-based GBT Realty Corporation. A private investor purchased the asset.
Valvoline (NYSE: VVV) is a leading, worldwide marketer and supplier of premium-branded lubricants and automotive services with sales in more than 140 countries. Additionally, the tenant is the second largest instant oil change chain by locations in the U.S. with more than 1,300 stores. Constructed in 2020, the property is situated on 0.64 acres at 2501 West Hundred Rd., which is only 630 yards from Interstate 95, which has a traffic count of approximately 124,000 vehicles per day. This location is the only Valvoline within five miles and the closet oil change location to I-95, which is a primary roadway into Richmond, which is 12.5 miles from the center, and into the rest of Virginia.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Brad Peterson, Director Michael Brewster and Senior Director Jordan Lex.
“Instant oil changes fit well in today’s market as customers opt for convenience and prefer to remain in their vehicles,” Brewster said. “This Valvoline proved to be an attractive offering due to the quality of the real estate and ideal tenant category.”
JLL 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 clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About GBT Realty Corporation
Founded in 1987, GBT Realty Corporation develops virtually all types of retail and mixed-use developments throughout the United States from its headquarters in Brentwood, Tennessee, a suburban Nashville community. In recent years, the real estate company has completed over 6 million square feet of development totaling over $1 billion of project cost in 27 states through its shopping center, net lease and diversified development platforms. Since inception, GBT has been involved with the development, construction, leasing and management of over 30 million square feet of retail including grocery-anchored shopping centers, neighborhood centers, single-tenant buildings, regional power centers and mixed-use developments. The team’s combined decades of experience with local, regional and national tenants includes such names as Academy Sports + Outdoors, Hobby Lobby, Sprouts Farmers Markets, Publix Supermarkets, Walgreens, Dollar General, Ross Dress for Less, Kohl’s, Bed Bath and Beyond, T.J.Maxx, Marshalls, PetSmart and Target, to name a few. Currently, the company has $1 billion of commercial development totaling five million square feet in the pipeline and under construction.