Patriot Plaza has a new owner.
The shopping center, located at 3032-3044 Richmond Road, was bought by Patriot Plaza Development LLC Wednesday for $5.5 million, according to a release from Cushman & Wakefield Thalhimer.
Commercial broker and Thalhimer First Vice President Drew Haynie, who represented the previous owner in the sale, said the new owners bought the property as an investment.
Patriot Plaza has just over 75,000 square feet of retail space. Haynie said more than 90 percent of the space is occupied by commercial tenants.
“They bought it because it was a stabilized property that is positioned well on the [Richmond Road] corridor in Williamsburg,” Haynie said. “It sits between Yankee Candle and the Premium Outlets.”
The shopping center is anchored by CiCi’s Pizza, Lenox, Bounce House, Sushi King and Lazy Daisy Gift Store.
The property had been owned by Medalist Properties since 2006.
