Wegmans-, Cabela’s-anchored Short Pump center sells for $74M

The 60-acre Cabela's and Wegmans-anchored West Broad Marketplace sold for $74 million.

The 60-acre Cabela’s and Wegmans-anchored West Broad Marketplace sold for $74 million. (Kieran McQuilkin)

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 at 12300 W. Broad St. (J. Elias O'Neal)

The sale includes 31 acres at 12300 W. Broad St. (J. Elias O’Neal)

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 shopping center’s tenant list also includes T.J. Maxx, Boston-based restaurant B. Good, Sleepy’s, Rack Room Shoes, Essex Bank and Verizon.

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.

The 60-acre Cabela's and Wegmans-anchored West Broad Marketplace sold for $74 million.

The 60-acre Cabela’s and Wegmans-anchored West Broad Marketplace sold for $74 million. (Kieran McQuilkin)

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 at 12300 W. Broad St. (J. Elias O'Neal)

The sale includes 31 acres at 12300 W. Broad St. (J. Elias O’Neal)

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 shopping center’s tenant list also includes T.J. Maxx, Boston-based restaurant B. Good, Sleepy’s, Rack Room Shoes, Essex Bank and Verizon.

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.

This story is for our paid subscribers only. Please become one of the thousands of BizSense Pro readers today!

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

 — 

 — 

 — 

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected].

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.

FOR ASSISTANCE WITH YOUR MEMBERSHIP PLEASE EMAIL [email protected]




Return to Homepage

POSTED IN Commercial Real Estate

Editor's Picks

Subscribe
Notify of
guest

0 Comments
oldest
newest most voted
Inline Feedbacks
View all comments