Richmond shopping center sells for $7.3 million

Published April 6, 2017 by Paula C. Squires

Laburnum Park Shopping Center, a 61,860-square foot retail property in the Richmond area, has been sold for $7.3 million, according to Marcus & Millichap, which represented the seller.

          Bryn D. Merrey, senior vice president/division manager of the firm’s mid-Atlantic and Southeastern offices, said the property was sold at the asking price.
It attracted a number of offers, the real estate investment services firm said, including the buyer, an Arlington-based partnership, Westover Apartments LLC, that bought the shopping center as part of a 1031 exchange.

Dean Zang and Christopher Phillips, both of Marcus & Millichap’s Washington, D.C., office had the exclusive listing to market the property on behalf of the seller, PCS Laburnum LLC, a partnership between Bethesda-based Spectrum Partners and Potomac Capital Advisors.

Laburnum Park Shopping Center is close to Interstate 64. Tenants include Dollar Tree, Virginia ABC, Subway and Union Bank & Trust.