Richmond shopping center sells for $3.9 million
A Washington state based real estate investment company has purchased a fully leased shopping center in Richmond for $3.9 million.
According to Cushman & Wakefield | Thalhimer’s Capital Markets Group, which announced the sale Tuesday, Pacific West Land acquired Lexington Commons in an all-cash deal for the company’s current income fund.
The center is 100 percent leased to 15 tenants, who represent a diverse mix of regional and local operators.
The 21,857-square-foot unanchored strip center is located on West Broad Street.
“We were extremely pleased, but not necessarily surprised, with the response we received on Lexington Commons. Given the asset’s highly sought after [location] along West Broad Street coupled with high demand and limited opportunities for upside in the market, there was significant interest from a variety of local, regional, and national investors, ” Catharine Spangler, a first vice president with the Capital Markets Group, said in a statement.
According to Thalhimer, Pacific West Land is looking for additional opportunities in the Richmond market.