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RICHMOND, VA-The Shops at the Arboretum, a 102,391-sf community shopping center here has changed hands for $10 million. An affiliate of Brookwood Financial Partners LP of Beverly, MA sold the 100% leased property to DNA Partners LLC, which includes a high-net-worth brother and sister from New York City.The Shops at the Arboretum located at the intersection of the Midlothian Turnpike and Powhite Parkway, within the Arboretum Business Park. Anchor tenants are American Family Fitness Center, Staples, Kinko’s and Starbucks, though Staples has not decided whether to renew its 25,000-sf lease at the center. Triple-net rents range from $12- to $19 per sf per month.Brookwood senior managing director and acquisitions chief Thomas Brown says the property is a solid asset that is well located and has performed well, but it was time to sell. “The property has had a very stable occupancy rate during our holding period,” he says. “However, the fulfillment of our business plan and the significant amount of interest in retail centers made it an attractive time to market the asset for sale.”Michael Gorsage of H&R Retail had the disposition assignment and also procured the buyer. Gorsage tells GlobeSt.com that Staples lease runs out in January 2006. A new Office Depot is opening several miles away, so Staples may be waiting to see how that will affect their sales.

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