Diversified Realty Ventures (DRV) of Richmond, VA and Bethesda, MD repositioned one of the Richmond area’s most popular retail destinations in less than five days, successfully preserving the interests of nearly 100 independent antiques dealers.
Coalfield Station Antiques, located inside the Midlothian Station Shopping Center at Coalfield Road and Midlothian Turnpike in suburban Richmond, opened to the public on Sunday, July 1, 2012.
On Tuesday, June 26, DRV closed the former occupant of this space, Midlothian Antiques Center, due to the management’s default on lease terms. For the next four days, DRV worked around the clock to establish a new operating platform for the independent antiques dealers who sub-lease their space in the center.
Said W. Spilman Short, Jr., DRV Principal: “We had to shut down the antiques center due to a long-running and significant payment default. But we worked nonstop to allow the individual antiques dealers to re-open their businesses with minimal disruption. In the end, we’re extremely pleased to have found a solution that works for us and for the sub-tenants. We believe in the value and integrity of these small, homegrown businesses, and we want them to stay at the center for years to come.”
DRV acquired the 66,165 square foot Midlothian Station Shopping Center in 2003. The mixed-use neighborhood shopping center is nearly 100 percent leased to tenants including Hancock Fabrics and Tiki Tiki 2 as well as the new antiques center.