InvenTrust Buys Retail Center on West Broad St.
- May 29, 2015
Another Richmond retail asset is under new ownership. InvenTrust Properties purchased the WestPark Shopping Center from Westdale Asset Management, Ltd. The sale price was $33.4 million, or about $189 per square foot.
The WestPark Shopping Center is a 176,973-square-foot grocery-anchored retail center, located on the West Broad Street retail corridor. According to Cushman & Wakefield | Thalhimer, which represented the seller, the property was 99 percent leased at the time of the sale. It is anchored by a Martin’s grocery store. Other tenants include Christmas Tree Shops, Dickey’s BBQ, All Med Express, and The Tile Shop.
Cushman & Wakefield’s Mid-Atlantic retail investment sales team joined Cushman & Wakefield | Thalhimer in represented the Westdale Asset Management. The team included Cushman & Wakefield | Thalhimer’s Eric Robinson and James Ashby; Geoffrey Millerd and Justin Smith of Cushman & Wakefield’s Boston office; and Chris Lawrence, based in Cushman & Wakefield’s Washington, D.C. office.
WestPark is at least the second retail property to change hands in May. At the beginning of the month, Capital Square Realty Advisors bought a 24,000-square-foot property at 2000 Old Brick Road.
Photo credit: Cushman & Wakefield | Thalhimer