In the biggest Henrico County commercial property sale so far this year, a Short Pump retail development has been snatched up by the real estate investment division of a major life insurance company.
MCP West Broad Marketplace, an entity tied to Washington, D.C.-based MetLife Real Estate Investors, last week purchased the 60-acre Cabela’s- and Wegmans-anchored West Broad Marketplace at 12300 W. Broad St. for $74 million, according to county records.
The sale closed June 5. West Broad Marketplace most recently was assessed by the county at $54.3 million.
The sellers were Northern Virginia-based NVRetail and Excel Trust, a West Coast REIT that owns a bulk of nearby West Broad Village.
Jack Waghorn, NVRetail president, did not return a message seeking comment Monday afternoon. MetLife and Excel Trust could not be reached for comment.
The sale includes 31 acres that house the center’s 80,000-square-foot Cabela’s store, and the 13.7-acre lot where Wegman’s opened its 123,000-square-foot Short Pump store.
The site also includes an undeveloped parcel encompassing 13 acres fronting West Broad Street, which was approved for 135,000 square feet of retail space.
Upon completion, West Broad Marketplace will have 400,000 square feet of retail space in a pocket of the county that’s pushed the boundaries of Short Pump westward. It sits across from GreenGate, another large development that’s had its first wave of commercial tenants open in recent weeks.
The $74 million price tag eclipses the previous largest sale of the year in Henrico – a $45 million deal for WestMark Office Park.