The owner of more than 700,000 square feet of Richmond-area retail space is selling off a piece of its local portfolio.
Maryland-based Kodiak Properties has put its Merchants Walk shopping center at 7580 W. Broad St. up for sale.
The 219,000-square-foot center, anchored by Food Lion and Marshalls, went on the market this week. Brokers John Owendof and Jordan Lex of HFF landed the listing, which does not have an open asking price.
Kodiak Properties’ managing partner Scott Spector said Merchants Walk has been held for nearly 10 years in one of the firm’s funds and that fund is reaching it’s the end of its 10-year cycle.
“It’s the end of the life of the fund,” Spector said. “It’s not a reflection on Richmond. It’s the last asset in this fund.”
Kodiak will continue to own at least five other shopping centers in the local market: the 22,000-square-foot Tower Plaza Shopping Center on Cox Road in Henrico; the 38,600-square-foot Rockwood Plaza on Courthouse Road in Chesterfield; the 109,000-square-foot Laburnum Square and 113,000-square-foot Laburnum Park in eastern Henrico; and Ashland Hanover shopping center – its largest local property at 227,000 square feet – on North Washington Highway in Ashland.
The firm owns dozens of shopping centers and industrial properties around the mid-Atlanic. It was founded in 1994, the same year it bought into the Richmond market with Tower Plaza and Rockwood.
Merchants Walk was built in 1982. It sits on 27 acres and was most recently assessed by Henrico County at $20.68 million.
It has about 31,000 square feet of vacant space between with four open storefronts and one open outparcel.