InvenTrust Buys Retail Center on West Broad St.

Another Richmond retail asset has changed hands this month. After Capital Square Realty Advisors’ acquisition of the 24,000-square-foot building at 2000 Old Brick Road, at the start of May, InvenTrust Properties purchased the WestPark Shopping Center from represented Westdale Asset Management, Ltd. The sale price was $33,390,000 or about $189 per square foot.

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