It pays to have Trader Joe’s as a tenant.
Short Pump Station, the 13-year-old shopping center at 11301 W. Broad St., sold last week for $46.7 million, county property records show. Trader Joe’s has anchored the roughly 91,000-square-foot shopping center since it was built in 2008.
The sale was between two firms from the Northeast.
The buyer was New York-based Wafra Inc., an investment firm with $27 billion in assets under management. The seller was Stamford, Connecticut’s AmCap, a 42-year-old firm that purchases grocery-anchored shopping centers on behalf of large institutional investors.
AmCap had owned Short Pump Station since 2010 when it bought it for $30.8 million. It was the firm’s only local holding.
An AmCap spokesperson said they decided to sell Short Pump Station in order to take advantage of a hot market. The shopping center was most recently assessed by the county at $33.9 million.
The deal looks to be Wafra’s first in the Richmond region, per its website. Wafra spokespeople weren’t available for comment by press time.
The deal closed Aug. 26. John Owendoff of Cushman & Wakefield’s Capital Markets team worked the deal. Thalhimer’s Jim Ashby will handle leasing at the center.
In addition to Trader Joe’s, Short Pump Station is home to tenants such as Petco, New Balance, LongHorn Steakhouse and Ulta Beauty. It’s also set to get two new tenants in new-to-market skincare shop Buff City Soap and restaurant chain Chopt, which is set to open this week after signing a lease in late 2019. The center is 91 percent occupied.
The Short Pump Station deal is the largest in a busy summer of nearby retail property sales.
In July, the Ice Zone Shops at Downtown Short Pump sold to Florida’s Advanced Properties for $8.3 million. The 62,000-square-foot shopping center is at 4350 Pouncey Tract Road and is anchored by SkateNation Plus.
The former Nordstrom building at Short Pump Town Center also sold in July, going for $3.2 million to the mall’s owners, and CookOut became its own local landlord after buying its restaurant’s real estate at 4245 Pouncey Tract Road for $2.1 million.