RICHMOND—The WestPark Shopping Center has traded to InvenTrust Properties for $33 million, or $189 per square foot. Westdale Asset Management was the seller of the 99%-leased property, anchored by Martin's grocery store.
Cushman & Wakefield | Thalhimer's Capital Markets Group's Eric B. Robison and James Ashby IV and Geoffrey Millerd, Justin Smith and Chris Lawrence of Cushman & Wakefield brokered the transaction.
The center's appeal includes its location along Richmond's most active retail corridor of West Broad Street and Martin's strong performance. Other WestPark tenants include Christmas Tree Shops, Dickey's BBQ, All Med Express, and The Tile Shop.
InvenTrust had competition from other institutional investors as it bid for the property, according to Millerd. "InvenTrust did an excellent job acquiring Westpark in what was an extremely competitive bidding process that included a number of top tier institutional buyers," he said in a prepared statement.
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