Rosenthal Properties and PGIM Real Estate have formed a joint venture to acquire a portfolio of five grocery-anchored shopping centers located in the Richmond, Va. metropolitan area for approximately $125 million. Rosenthal will serve as operating partner, responsible for managing and leasing the portfolio. PGIM Real Estate, acting on behalf of institutional investors, is the real estate investment business of PGIM, the $1 trillion global investment management businesses of Prudential Financial (NYSE: PRU).

“Solid economic and demographic trends in the Richmond submarkets are supporting retail sales growth, and we expect this portfolio of high-quality and well-located necessity retailers will benefit from pro-business initiatives that will continue to attract an array of industries,” said Alfonso Munk, Americas chief investment officer for PGIM Real Estate. “In partnership with Rosenthal Properties, we look forward to driving improvements within the portfolio to realize the full potential of the properties for the benefit of the tenants and residents, and to provide stable cash flows for our investors.”

The properties are located in the highly desirable micro-markets of Glen Allen, West End and Midlothian, and are maintained as first-class centers with national anchors as well as local tenants. All five properties offer prominent frontage on major thoroughfares and have significant barriers to entry for new retail development.

The venture’s investments include:

  • Staples Mill Marketplace, a 165,000-square-foot center anchored by Kroger Marketplace
  • Staples Mill Square, a 95,000-square-foot center anchored by Aldi (and a shadow Target)
  • Parham Plaza, a 177,000-square-foot center anchored by Walmart
  • Ridge Shopping Center, a 100,000-square-foot center anchored by The Fresh Market
  • Stonehenge Village, a 205,000-square-foot center anchored by Wegmans

The joint venture plans to extract further density by developing the remaining outparcels, enhancing the mix of national and local tenants and addressing the near-term tenant expirations. Parham Plaza, for example, will welcome a new prototypical TJ Maxx in spring 2019.

The acquisition was led by Todd Goldberg, Managing Director and Head of Capital Markets at PGIM Real Estate; Rushabh M. Shah, Executive Director, Transactions at PGIM Real Estate; Glenn Rosenthal, President at Rosenthal Properties; and Gregory Jacobsen, Vice President at Rosenthal Properties.

The seller was represented by Connie Jordan Nielsen, Senior Vice President of Cushman & Wakefield Thalhimer, who will continue to lease the assets in conjunction with Rosenthal’s Director of Leasing, Billy Orlove.

About Rosenthal Properties

Rosenthal Properties is regarded as one of the mid-Atlantic’s most reputable, fully integrated commercial real estate firms, offering its clients a full range of services, including property management, leasing and construction management. Currently, the company owns, leases or manages a portfolio of approximately 7 million square feet of investment-grade retail centers, industrial parks and office buildings throughout Virginia, Maryland, and Washington, D.C. For additional information on the full scope of the company’s services, visit

About PGIM Real Estate

PGIM, the global investment management business of Prudential Financial, Inc. (NYSE), is one of largest real estate investment managers in the world, with more than $168.4 billion in gross real estate assets under management and administration, as of December 31, 2018.* Through its PGIM Real Estate and PGIM Real Estate Finance businesses, PGIM leverages a 140-year history of real estate lending on behalf of institutional and middle-market borrowers, a 49-year legacy of investing in commercial real estate on behalf of institutional investors, and the deep local knowledge and expertise of professionals in 31 cities around the world.

PGIM Real Estate, the real estate investment management business of PGIM, has been redefining the real estate investing landscape since 1970. Combining insights into macroeconomic trends and global real estate markets with excellence of execution and risk management, PGIM Real Estate’s tenured team offers to its global clients a broad range of real estate equity, debt, and securities investment strategies that span the risk-return spectrum and geographies. For more information, visit