RICHMOND, VIRGINIA:  Expansion in the Richmond, Virginia market has not been affected by the recent slowdown in the economy.  "We see the downturn as an opportunity," says Jeff Berman, president of Berman Kappler Properties, a Tyson's Corner, Virginia-based investment and asset management firm.  "The key is understanding the market and knowing when to buy."

DRE is appointed exclusive leasing  agents for Richmond's Colonial  Square Shopping Center

Berman Kappler recently purchased the 175,000-square-foot Colonial Square Shopping Center, just 20 minutes outside of metropolitan Richmond.  Anchored by a 64,000-square-foot Ukrops Supermarket, a Richmond, Virginia-based chain of grocery stores, the shopping center is exactly the type of property that attracts the investment firm.  "Purchasing value-oriented centers, with strong anchors, commands tremendous leads in the market," says Berman. 

Berman Kappler plans to give Colonial Square a new look.  It's in a prime location, and is the area's premier shopping center, however it just needs a little tweaking. "This is a very stable shopping center with upside potential," Berman says.  "We're going to give it new life."  In order to enhance the center's marketability, renovation plans include colorful banners, new signage and extensive landscaping.

Colonial Square is already 93 percent leased.  In addition to Ukrops, the center includes Blockbuster Video, Eckerd Drugs, First Union Bank and Peebles Department Store.  Divaris Real Estate has been appointed as exclusive leasing agent for the center.  Terry Earnest, commercial sales and leasing agent in DRE's Richmond office, is working to lease the remaining space. 

Berman Kappler Properties has purchased, repositioned and sold over 1.7 million square feet of value-added commercial, parking and retail properties in the Mid-Atlantic region.

In a similar Richmond retail sales transaction, Joe Craig, principal of Market Square Partners, recently purchased the 33,256-square-foot Divaris leased and managed Market Square Shopping Center in the Brandermill area of Richmond. "There are few areas in Richmond that are growing rapidly, and this is one of them," Craig says.  The seller was Crown Life of Canada, which was represented in the transaction by DRE.

Craig owned an adjacent part of the shopping center, and viewed the purchase as a great opportunity to combine the two projects.  Existing tenants in the center include a real estate company, post office, hair salon, computer store and a television repair company.  Currently, Craig is planning to add a credit union, a large catering company/restaurant and an electronics repair shop.

Craig and his wife, Kay founded Market Square Partners, over a decade ago.   Currently, the company owns over 150,000 square feet of retail space in metropolitan Richmond.