Richmond Retail Center Sells for $18M
The new owner plans to upgrade the asset.
A private individual has purchased Merchant’s Walk Shopping Center, a 219,972-square-foot retail center in Henrico, Va., for $18.4 million. Hackney Real Estate Partners sold the asset, according to CommercialEdge data.
Divaris Real Estate brokered the transaction, with Senior Vice President John Madures working on behalf of the buyer.
The asset previously changed hands in 2017, when Finmarc Management sold it.
Completed in 1982, Merchant’s Walk Shopping Center comprises four, one-story buildings on a 27-acre lot. The new owner will start an improvement plan, set to include new roofing, landscaping enhancements and upgrades to the parking lot.
Featuring 38 retail stores, the property was 97 percent leased at the time of the sale. The tenant roster at Merchant’s Walk includes Food Lion, The Mantu, AutoZone and JOANN Fabric and Craft store.
The retail center is located at 7804 W. Broad St., in the West Broad Street Gardens neighborhood. The property is close to the intersection of Route 250 and Interstate 64, which provides direct access to downtown Richmond.
Divaris Real Estate will handle leasing operations at the shopping center, while Divaris Property Management Corp. will manage the property.
Divaris recently acquired The McGarey Group as part of a merger. McGarey is a mixed-use retail development, leasing and advisory services firm that will soon operate as a division of Divaris Real Estate.