An entity controlled by the Virginia Beach-based Kotarides family, KG1 Twin Oaks LLC, has acquired The Shoppes at Twin Oaks in Henrico County for $7.6 million. Built in 2006 in Richmond VA, the 39,117 sq ft retail center traded for just over $194 per square foot. The center was 94 percent leased at the time of closing with Bank of America, West End Crossfit, Plaza Del Rey and Tahoe’s Restaurant. Cushman & Wakefield | Thalhimer’s Capital Markets Group in Richmond represented the seller, Cohen Equities.
“There was a significant amount of interest in Twin Oaks from a variety of investors which resulted in a very competitive bid process,” Cathy Spangler with Cushman & Wakefield | Thalhimer’s Capital Markets Group, said in a statement. “We ultimately selected Kotarides based not only on their attractive offer, but also their stellar reputation to efficiently close on deals such as this one.”
