The Pocono Crossing shopping center in Chesterfield County, which was set to be sold at auction during the summer, recently sold for $12.3 million.
The 180,845-square-foot retail center at 10400 Midlothian Turnpike was acquired by BVA Pocono Crossing LLC of Florida, N.Y., according to county property records. The deal closed Thursday.
Anchor tenants are Burlington, a Chuck E. Cheese and a Tuesday Morning. Burlington, a tenant since 2013, recently extended its lease for an additional five years, according to Cushman & Wakefield | Thalhimer’s Capital Markets Group, which represented the seller in the deal.
The property was assessed at $5.37 million, county records show.
The center, built in 1988, was sold by special servicer LNR Partners Inc., a Miami Beach-based real estate management company, for Banc of America Commercial Mortgage Inc., according to information available from real estate data provider Trepp LLC.
Pocono Crossing was foreclosed on in December 2016. The balance of the loan at the beginning of January was $15.4 million, according to Trepp.
The center was up for auction by Ten-X Commercial online platform in June, but it did not sell at that time.
Sale negotiations were handled by Catharine Spangler with Cushman & Wakefield | Thalhimer’s Capital Markets Group.