Capital Square Realty Advisors Buys Richmond Retail Building
- May 18, 2015
Capital Square Realty Advisors LLC continues to expand its portfolio of properties. At the start of the month, the Innsbrook-based real estate investment firm announced the acquisition of a retail building in Richmond.
The property offers 24,000 square feet of space. It is located at 2000 Old Brick Road, within West Broad Village, a mixed-use urban development in Richmond’s West End submarket. Capital Square purchased it from Markel | Eagle Partners for $5.8 million, according to Richmond BizSense. This is Capital Square’s second acquisition in Richmond; last year, the company paid $6.8 million to buy the Virginia Women’s Center building in Mechanicsville.
In a news release, Louis Rogers, founder & CEO of Capital Square, said the property is fully leased on a long-term, triple-net basis to Golfsmith USA LLC, an affiliate of Golfsmith International, one of the largest specialty golf retailers in the world. Rogers also praised the building’s location within West Broad Village. The $300 million urban development occupies approximately 115 acres of land. In addition to brownstones, townhouses and apartments, it includes office and retail tenants, among them Whole Foods Market, REI, the Children’s Museum of Richmond, Kona Grill, Dave & Busters and The Wine Loft. It also boasts a Starwood Hotel.