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WP Realty acquires Chesterfield Marketplace
Midlothian, Va. -- Bryn Mawr, Pa.-based WP Realty announced Thursday that it has acquired Chesterfield Marketplace located in Midlothian, Va.
This transaction marks WP Realty’s 10th acquisition of the year.
Chesterfield Marketplace is a one-story, 428,576-sq.-ft. community shopping center anchored by PetSmart, Staples and TJ Maxx, and shadow anchored by Home Depot and Toys “R” Us.
The portion of the center acquired, 197,942 sq. ft., is currently 54% occupied with 91,232 sq. ft. of available space.
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Gap going value
“The economic model of Outlet is the highest return on capital and is where customers gravitate," Gap CEO Glenn Murphy said at an investment conference in New York City, where he revealed the company will close 200 U.S. Gap stores and expand its outlet base.
But don’t expect the stores to be filled with last year’s castoffs.
"I don't want them bringing stripes in the stores if stripes are last year's idea,” Murphy said.
