Three years after it first went under contract in a deal that fell through, one of the last remaining developable tracts with Broad Street frontage in Short Pump has finally landed a buyer after fielding multiple offers.
The 12-acre parcel at 12120 W. Broad St., across from the GreenGate development and just east of West Broad Marketplace, sold April 24 for $5.85 million, according to an announcement this week from commercial real estate brokerage Thalhimer.
Thalhimer’s Mark Douglas represented the sellers, a limited partnership consisting of members of the Anne McGeorge Clements family, who have owned the wooded land since the 1980s.
The buyer is SKM LLC, an Atlanta-based entity that was represented in the deal by local attorney Andrew Condlin with Roth Jackson Gibbons Condlin. Condlin declined comment.
Douglas said he wasn’t privy to specific plans for the property but expects it would be developed for retail or mixed use. Bernard Clements, who was overseeing the property’s sale for the family, said he couldn’t comment due to a confidentiality agreement with the buyer.
Douglas said the quick sale was one of the reasons why this offer was accepted where others were not. He said the land received multiple offers through the years but with terms that were not to his client’s liking.
The land was sold under its existing agricultural zoning, which Douglas said contributed to the purchase amount coming in well below its 2017 asking price of $8.5 million. The latest Henrico County assessment valued the tract at $2.55 million.
The property had been put under contract within about a month of its 2017 listing, but that deal fell through. Douglas said challenges with the site’s topography and environmental resources, as well as its proximity to a long-planned Gayton Road interchange with Interstate 64, made the property a tough sell.
“The site requires significant improvements to bring it to grade for development,” Douglas said.
Douglas said another 17 acres north of the Clements tract recently were put under contract to another out-of-town developer. He said he isn’t involved in those deals, which involve multiple parcels, but wondered whether the parties might end up developing the properties together.
The land is among the last fronting Broad Street in Short Pump that has yet to be developed.
A 23-acre tract at 12401 W. Broad St., farther west and across the street from Bon Secours Parkway, was on the market around the same time as the Clements listing in 2017 and was put under contract in another deal that fell through. The site is now under contract to Stanley Martin Homes, which is planning 194 condos with a 6-acre commercial strip to be developed by GreenGate developer Markel|Eagle.
Next door to that site, an 8-acre plot at 12341 W. Broad St. is being developed as a Hampton Inn & Suites hotel by locally based Shamin Hotels.
That leaves the pastoral Pruitt family farm, across from Short Pump Town Center on the east side of Gayton Road, the sole remaining acreage along the commercial corridor that has yet to be developed.