InvenTrust Buys Retail Center on West Broad St.
- May 29, 2015
By Adrian Maties, Associate Editor
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