WestPark Shopping Center in Henrico County sells for $33.3 million

WestPark Shopping Center, a 176,973-square-foot, grocery-anchored retail center on West Broad Street in Henrico County, has sold for $33.3 million, or about $189 per square foot. The buyer was InvenTrust Properties, a real estate investment trust based out of Oakbrook, Ill., that in 2014 owned 108 multi-tenant retail properties, comprising 15.5 million square feet of retail space in 24 states.

The center is located along one of Richmond’s most active retail areas, in the Short Pump corridor between Stillman Parkway and Pemberton Road.  It’s anchored by a  Martin’s grocery store. Other tenants include Christmas Tree Shops, Dickey’s BBQ, All Med Express, and The Tile Shop. 

Thalhimer's Capital Markets Group, in partnership with Cushman & Wakefield’s mid-Atlantic based retail investment sales team represented the center’s owner, Westdale Asset Management Ltd in the sale. According to Thalhimer, the center was 98.9% leased at the time of sale.

The sale was completed by Eric B. Robison of Cushman & Wakefield | Thalhimer’s Capital Markets Group, as well as leasing agent James Ashby IV, a first vice president, also in Thalhimer’s Richmond office, along with Geoffrey Millerd and Justin Smith of Cushman & Wakefield’s Boston, Mass., office and Chris Lawrence in Cushman & Wakefield’s Washington, D.C., office.

“We continue to see extremely strong investment appetite for all asset classes in Richmond.  WestPark Shopping Center was a highly sought after opportunity driven by the strength of the location and strong performance from Martins,” Eric Robison, Thalhimer’s capital markets leader, said in a statement.

According to Millerd, retail investment sales executive director for Cushman & Wakefield in the mid-Atlantic and Northeast, added, “InvenTrust did an excellent job acquiring Westpark in what was an extremely competitive bidding process that included a number of top tier institutional buyers.”