A Martin’s anchors the recently sold shopping center. Photos by Katie Demeria.
A 176,000-square-foot West End shopping center changed hands last week in the richest commercial real estate deal of the year so far in Henrico County.
InvenTrust Properties, an Illinois-based REIT, purchased the Westpark Shopping Center at Pemberton Road and West Broad Street for $33.39 million. The deal closed May 14.
A Martin’s grocery store anchors the roughly 176,970-square-foot property, which is about 99 percent leased, according to leasing agent Jim Ashby of Cushman & Wakefield | Thalhimer.
Ashby represented the seller in the deal, Dallas-based Westdale Asset Management, along with Thalhimer’s Eric Robison.
“It is a very, very strong performing grocery-anchored center,” Ashby said. “The asset performs well, and the buyer pool was extensive.”
Westpark was built in 1990 and sits on 20 acres.
Westpark also houses a Subway, Palm Beach Tan and and ABC store.
Westdale purchased the property in 2011 for $8.05 million, according to county records. Around then, Ashby took over leasing of the property, which at the time was only 70 percent full.
“This is a big success story,” Ashby said.
He said one way he was able to bump up the occupancy rate was by reaching out to potential tenants that were already settled in Virginia, such as Dickey’s BBQ and Hot House Yoga.
The property’s other tenants include Christmas Tree Shops, All Med Express and The Tile Shop.
Thalhimer also worked with Cushman & Wakefield’s mid-Atlantic retail investment sales team on the deal, including Geoffrey Millerd and Justin Smith in the company’s Boston office and Chris Lawrence in the Washington, D.C., office.
The Westpark purchase was InvenTrust’s sixth Virginia acquisition. The REIT was formed in 2005 and changed its name in mid-April from Inland America. It became self-managed in 2014, separating itself from its parent company, the Inland Group of Corporations.
It owns 108 retail properties in 24 states, comprising 15.5 million square feet, along with 6.4 million square feet of office and industrial building space, according to its website.
Westdale still has holdings in Richmond, including the Concourse at Wyndham office building and the East Shore Office Park.
Westpark’s $33.39 million price tag surpassed last month’s $20.7 million sale of the Advanced Orthopaedics building as the highest-priced commercial sale in Henrico in 2015.
A Martin’s anchors the recently sold shopping center. Photos by Katie Demeria.
A 176,000-square-foot West End shopping center changed hands last week in the richest commercial real estate deal of the year so far in Henrico County.
InvenTrust Properties, an Illinois-based REIT, purchased the Westpark Shopping Center at Pemberton Road and West Broad Street for $33.39 million. The deal closed May 14.
A Martin’s grocery store anchors the roughly 176,970-square-foot property, which is about 99 percent leased, according to leasing agent Jim Ashby of Cushman & Wakefield | Thalhimer.
Ashby represented the seller in the deal, Dallas-based Westdale Asset Management, along with Thalhimer’s Eric Robison.
“It is a very, very strong performing grocery-anchored center,” Ashby said. “The asset performs well, and the buyer pool was extensive.”
Westpark was built in 1990 and sits on 20 acres.
Westpark also houses a Subway, Palm Beach Tan and and ABC store.
Westdale purchased the property in 2011 for $8.05 million, according to county records. Around then, Ashby took over leasing of the property, which at the time was only 70 percent full.
“This is a big success story,” Ashby said.
He said one way he was able to bump up the occupancy rate was by reaching out to potential tenants that were already settled in Virginia, such as Dickey’s BBQ and Hot House Yoga.
The property’s other tenants include Christmas Tree Shops, All Med Express and The Tile Shop.
Thalhimer also worked with Cushman & Wakefield’s mid-Atlantic retail investment sales team on the deal, including Geoffrey Millerd and Justin Smith in the company’s Boston office and Chris Lawrence in the Washington, D.C., office.
The Westpark purchase was InvenTrust’s sixth Virginia acquisition. The REIT was formed in 2005 and changed its name in mid-April from Inland America. It became self-managed in 2014, separating itself from its parent company, the Inland Group of Corporations.
It owns 108 retail properties in 24 states, comprising 15.5 million square feet, along with 6.4 million square feet of office and industrial building space, according to its website.
Westdale still has holdings in Richmond, including the Concourse at Wyndham office building and the East Shore Office Park.
Westpark’s $33.39 million price tag surpassed last month’s $20.7 million sale of the Advanced Orthopaedics building as the highest-priced commercial sale in Henrico in 2015.
Victory Lady Fitness Centers, once again goes unmentioned as a leader in the fitness business or at this center since 2005. Victory Lady Fitness Centers opened since 1989 brings 700+ female shoppers to the center on a daily basis, why no mention? Because we are an all female and female owned business, we don’t get taken serious?