Innsbrook-area shopping center bagged for $22M

Colonnades West retail center near Innsbrook was recently sold to Canada-based Colterra Capital Corp. for nearly $22 million. (Courtesy Colliers International)

A Canadian real estate investor has taken a bite out of the Richmond-area retail market.

Quebec-based Colterra Capital Corp. last month purchased the Colonnades West shopping center at 10901 W. Broad St. for nearly $22 million. It’s the company’s first acquisition in Virginia.

Colliers International brokers Mark Williford and Will Bradley worked the deal Dec. 30 for the buyer.

Read Goode and Cheryle Toy, brokers with Divaris Real Estate, represented the seller, California-based American Realty Advisors.

Colonnades West is a 136,000-square-foot retail center built in 1998 near the Cox Road and West Broad Street intersection just outside of the Innsbrook office park. The 14-acre property most recently was assessed by the county at nearly $22.1 million.

The retail complex is anchored by several national retailers and restaurants, including Ross Dress for Less, Pupatella Neapolitan Pizza, Potbelly Sandwich Shop, Marshall’s, Office Max, Shoe Carnival, CVS and Men’s Warehouse.

It was about 98 percent leased at the time of the sale.

American Realty had owned the center since 2000, when it bought it from Florida-based Wilton Partners for $19.3 million.

Colterra owns nine retail centers throughout the Carolinas, Florida and Alabama, according to its website, and has developed a variety of office buildings and hotels in some of Canada’s largest cities.

“They invest in shopping centers throughout the Southeast,” Williford said of the firm’s U.S. acquisitions.

He added that the buyer was attracted by the high-traffic location and Colonnade West’s “e-commerce resistant tenancy.”

“We looked all over the area and you simply couldn’t beat the location of this shopping center,” Williford said.

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Biff Leonard
Biff Leonard
1 year ago

The deed recorded for the transfer of the shopping center said the actual consideration was $23,860,000.