Henrico retail property bagged for $7M

Laburnum Park Shopping Center. (Courtesy Henrico County)

The Laburnum Park Shopping Center comprises 114,000 square feet in eastern Henrico County. (Courtesy Henrico County)

A buyer from Northern Virginia has snagged a big chunk of a shopping center in eastern Henrico.

Arlington-based Westover Apartments LLC bought two strips and an outparcel in Laburnum Park Shopping Center along South Laburnum Avenue for $7.3 million. Dean Zang, a broker with Marcus & Millichap confirmed the deal.

Westover purchased 4356 and 4330 S. Laburnum Ave., which comprise 62,000 square feet of the nearly 114,000-square-foot shopping center, Zang said. The sale also includes an outparcel at 4396 S. Laburnum Ave. that houses a Union Bank & Trust branch.

The sale excludes the building that formerly housed a Ukrops grocery in the middle of the retail center, at 4346 S. Laburnum Ave. That space was subdivided into three retail spaces that now house DaVita Healthcare, BioMed USA and Gold’s Gym.

Located across the street from White Oak Village retail center, Laburnum Park houses several regional and national tenants, including Dollar Tree, Virginia ABC and Subway.

The seller, PCS Laburnum LLC – a partnership between Bethesda, Maryland-based Spectrum Partners and Potomac Capital Advisors – closed on the transaction with Westover on March 24, Zang said.

Westover’s recently acquired portion of the Laburnum Park Shopping Center was appraised at $8.1 million, according to Henrico County records.

Laburnum Park is the second shopping center deal Marcus & Millichap has closed along the South Laburnum Avenue corridor in as many years. The firm sold the neighboring Ashley Furniture Store-anchored Laburnum Station shopping center in 2015.

Since establishing an office in Richmond early last year, Zang said the firm has completed about 14 transactions in the city.

Laburnum Park Shopping Center. (Courtesy Henrico County)

The Laburnum Park Shopping Center comprises 114,000 square feet in eastern Henrico County. (Courtesy Henrico County)

A buyer from Northern Virginia has snagged a big chunk of a shopping center in eastern Henrico.

Arlington-based Westover Apartments LLC bought two strips and an outparcel in Laburnum Park Shopping Center along South Laburnum Avenue for $7.3 million. Dean Zang, a broker with Marcus & Millichap confirmed the deal.

Westover purchased 4356 and 4330 S. Laburnum Ave., which comprise 62,000 square feet of the nearly 114,000-square-foot shopping center, Zang said. The sale also includes an outparcel at 4396 S. Laburnum Ave. that houses a Union Bank & Trust branch.

The sale excludes the building that formerly housed a Ukrops grocery in the middle of the retail center, at 4346 S. Laburnum Ave. That space was subdivided into three retail spaces that now house DaVita Healthcare, BioMed USA and Gold’s Gym.

Located across the street from White Oak Village retail center, Laburnum Park houses several regional and national tenants, including Dollar Tree, Virginia ABC and Subway.

The seller, PCS Laburnum LLC – a partnership between Bethesda, Maryland-based Spectrum Partners and Potomac Capital Advisors – closed on the transaction with Westover on March 24, Zang said.

Westover’s recently acquired portion of the Laburnum Park Shopping Center was appraised at $8.1 million, according to Henrico County records.

Laburnum Park is the second shopping center deal Marcus & Millichap has closed along the South Laburnum Avenue corridor in as many years. The firm sold the neighboring Ashley Furniture Store-anchored Laburnum Station shopping center in 2015.

Since establishing an office in Richmond early last year, Zang said the firm has completed about 14 transactions in the city.

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