Bulk of West Broad Village hits the market

The same portion of West Broad Village that’s now on the market last sold for $161 million six years ago.

Six years after it sold for $161 million, one of Short Pump’s biggest developments soon may be under new ownership once again.

The bulk of the Whole Foods- and REI-anchored West Broad Village has been listed for sale for an undisclosed price.

The mixed-use development is being sold in two separate offerings: 400,000 square feet of the center’s commercial and retail space, and the 339-unit Flats at West Broad Village apartment complex.

Whole Foods was one of the development’s original anchor tenants.

That’s according to a marketing flyer distributed by listing brokerage Cushman & Wakefield. Its Retail Investment Advisors has the listing on the commercial space. Its Mid-Atlantic Multifamily Advisory Group is listing the apartments.

The commercial space up for grabs includes the big retail boxes that house Whole Foods, REI, HomeGoods and Dave & Buster’s, and the inline space with tenants such as Gather, Burger Bach and the Wine Loft. The row of free-standing restaurants that houses Bonefish Grill, Carolina Ale House, Chuy’s, Kona Grill and Carrabba’s are also part of the listing.

Not included in the sale are the ACAC Fitness & Wellness, Golf Galaxy and Aloft Hotel buildings. Those properties all have separate owners.

The seller is ShopCore, a Chicago-based REIT formerly known as Excel Trust. It paid $161 million for its share of West Broad Village in 2012, purchasing it from the project’s original developer, Unicorp.

The development’s apartments sit above commercial space throughout its brick-lined streets.

A sale of West Broad Village would further shed ShopCore’s Richmond-area holdings, as the company and its partner, NV Retail, sold the partially completed, Wegmans-anchored West Broad Marketplace last summer for $74 million to MetLife Real Estate Investors.

Calls to Cushman & Wakefield and ShopCore officials were not returned by press time.

The development’s commercial space has an 82 percent occupancy rate, with 11 spaces available. The apartments are at 97 percent occupancy, per Cushman & Wakefield’s listing data.

Also not included in the sale are the townhomes in the development, as they are all privately owned by residents after being built by Ryan Homes and Eagle Construction.

Originally developed in 2009, West Broad Village fell on hard times as it was under construction when the recession hit. It made it over the finish line after local private equity firm Markel | Eagle jumped in to prop it up, pumping in around $9 million in late 2009.

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