A national furniture retailer has taken control of its massive store along West Broad Street in a multimillion-dollar deal.
Rooms To Go, a Florida-based chain, earlier this month purchased its 85,000-square-foot location at 9901 W. Broad St. for $5.3 million. The deal closed Sept. 2.
The retailer has resided in that location, which sits on about 9 acres, for nearly three years, a store employee said.
It was previously occupied by Roomstore, which opened there in 2008, Henrico County records indicate. Roomstore filed for bankruptcy in 2011 and closed more than two dozen stores.
Rooms To Go purchased the property through Harlequin RMD Properties LLC, which shares a primary address with Rooms To Go’s Seffner, Florida, headquarters.
The seller was the McCormick Realty LP, an entity controlled by Kimco Realty Corp., a New York-based REIT. Kimco had owned the property since 1990.
The county’s most recent assessment valued the property at $4.5 million. StoneKraft Patio Hardscapes is also a tenant on the property with an outdoor garden location next to the Rooms To Go building.
Mike Gorsage, a broker with Bethesda, Maryland-based H&R Retail, represented Kimco. He was the only broker in the transaction.
Gorsage said Kimco owns mostly multi-tenant shopping centers, and because the Rooms To Go building has a single tenant, it did not fit with the rest of the company’s portfolio.
He said it was originally marketed as a package deal along with two of Kimco’s other properties in Roanoke and Colonial Heights but was eventually offered on its own.
“As a freestanding building with good visibility on one of the major – if not the major – retail corridors in Richmond, it’s a very desirable location,” Gorsage said.
He said the store received plenty of interest and sold quickly, within 90 days of being marketed as a single asset. He said it was likely an attractive buy for Rooms To Go because the company did not have too much time left on its lease and does well at that location.
Rooms To Go did not return requests for comment.
According to the company’s website, the Rooms To Go Richmond store houses a traditional showroom plus a kids showroom, and also operates as an outlet store.
The property sits next to the Westpark Shopping Center, which was sold to Illinois-based InvenTrust Properties earlier this year in a $33.39 million deal.
Westpark is anchored by a Martin’s grocery store and was 99 percent leased when it was sold in May.
Rooms To Go was founded in 1991, its website states, and operates in 10 southeastern states and Puerto Rico.