JV Buys Suburban Richmond Shopping Center for $11M

The 83,000-square-foot retail property traded for roughly $14 million less than at its previous sale in 2016.
Image via Google Street View

A partnership of Auerbach Funds, Elevation Real Estate Group and Beechmont Acquisitions has purchased Parc Place, an 82,968-square-foot retail center in Richmond, Va., for $10.8 million. Colony Capital, a lender that had previously foreclosed on the asset, sold the property at auction, according to public records.

The shopping asset last traded in 2016, for more than $25 million. The new owners are planning to renovate the façade and add dining options to the retail amenities. The deal marks the sixth shared transaction between Elevation and Auerbach, Peter Auerbach, founder and managing partner stated, in prepared remarks.

The site is located at 11736 W. Broad St., near the junction of interstates 64 and 295, in the Shot Pump area. Parc Place is part of the W. Broad St. retail corridor, while downtown Richmond is 15 miles southeast of the property. The shopping center’s retail cluster includes Dollar Tree and PetSmart, two brands that performed well throughout the pandemic.