Henrico shopping center sells for $18.4M

Merchant’s Walk Shopping Center in Henrico County has sold for $18.4 million.

Qi Lin, a local investor who in 2022 purchased the Southpark shopping center in Chesterfield County for $5.4 million, purchased Merchant’s Walk, according to Divaris Real Estate. Located at 7580 W. Broad St., Merchant’s Walk is at the intersection of West Broad Street and Wistar Roads in Henrico’s West End.

The 219,972-square-foot shopping center features 38 retail stores, including anchor tenants Food Lion, AutoZone and a Joann Fabrics and Crafts store. In addition to brokering the sale, Divaris Real Estate will also handle leasing, and Divaris Property Management Corp. will take on property management responsibilities for the 20-acre property.

“A recurring customer is one of the most rewarding parts of the job,” John Madures, a senior vice president for Divaris Real Estate who facilitated the sale, said in a statement. “It has been exciting to be a part of growing this investment portfolio for our buyer, and we are proud to have been selected to lease and manage this property as well.”

Merchant’s Walk has a 97% occupancy rate and had 2.2 million visitors in the last year. Future plans for the shopping center include improvements to the parking lot, landscaping enhancements and new roofing.  Two smaller retail sites are currently available for lease.

Madures is also assisting Lin in the sale of the 7,153-square-foot Broad Rock strip mall on Walmsley Boulevard in South Richmond. Built in 1965, that property’s tenants include Little Caesars and Allied Cash Advance. Additional information about the sale was not immediately available.

John Owendoff of Cushman & Wakefield and Catharine Spangler of Cushman & Wakefield | Thalhimer represented the seller, an affiliate of Hackney Real Estate Partners.