The grocery-anchored property modified palms in a 1031 like-kind trade.
CTO Realty Progress has paid $93.9 million for West Broad Village, a 392,000-square-foot, grocery-anchored property positioned at 2250 Outdated Brick Highway in Glen Allen, Va. The acquisition was accomplished via a 1031 like-kind trade, funded partially via $35 million in restricted money from earlier inclinations. The vendor was ShopCore Properties, in keeping with CommercialEdge info, which had acquired the advanced in 2012 for $68.8 million.
In-built phases between 2007 and 2014, West Broad Village contains a mixture of 315,600 sq. toes of retail and 76,500 sq. toes of workplace area. The asset was 83 % leased on the time of sale, having Complete Meals and REI as anchor tenants of the retail part. Truist, HomeGoods and Calico Corners are additionally on the roster, in keeping with the property’s web site.
West Broad Village is a few 13 miles from downtown Richmond, adjoining to Interstate 64, with almost 175,000 folks residing inside a 5-mile radius. The 32.6-acre property is alongside West Broad Road within the space’s highest performing business district.
Richmond’s gradual retail revival
The altering palms of West Broad Village passed off because the nation’s retail sector each recovers from and adapts to an ever-changing surroundings and purchasing habits. On account of retail’s struggles of the previous two years, many have taken to reductions and repurposing of area, real-time analytics and cost-cutting measures.
For its half, Richmond’s market carried out strongly within the first half of 2022, with 133,457 sq. toes of optimistic web absorption and a emptiness charge of 4.6 %, in accordance a Colliers report. Such energy is anticipated to proceed, albeit in a barely diminished state. The metro suffers from persistently stagnant leasing exercise, partially attributable to an absence of obtainable area for all retail varieties to satisfy demand, along with long-term financial considerations, that are more likely to scale back these numbers for the rest of the yr.
