Cushman & Wakefield. and Thalhimer, Arrange $18.4M Sale of Richmond, Virginia Shopping Center
RICHMOND, Virginia, September 19, 2023 – Cushman & Wakefield announced that they have arranged the $18,400,000 sale of Merchants Walk, a 219,972-square-foot grocery-anchored shopping center located on West Broad Street in Richmond, Virginia.
John Owendoff of Cushman & Wakefield and Catharine Spangler of Cushman & Wakefield | Thalhimer represented the seller, an affiliate of Hackney Real Estate Partners, in the transaction. The shopping center was acquired by an undisclosed buyer.
“Merchants Walk offers exceptional cash flow durability in one of the nation’s strongest and healthiest regional economies,” said Owendoff.
Situated along Richmond’s dominant retail corridor, the shopping center is 98% leased to a dynamic mix of tenants with an established track record of serving the local community. Anchored by Food Lion, AutoZone, and JoAnn Fabrics, the high-performing shopping center benefits from exponential growth in the area that is fueled by a pro-business environment and highly educated workforce.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in approximately 400 offices and 60 countries. In 2022, the firm reported revenue of $10.1 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), Environmental, Social and Governance (ESG) and more. For additional information, visit www.cushmanwakefield.com.
About Cushman & Wakefield | Thalhimer
Thalhimer was founded in 1913 and currently has offices in Richmond, Newport News, Virginia Beach, Fredericksburg, Roanoke, Charlottesville, and Lynchburg, Virginia. The company has nearly 100 broker professionals and employs nearly 425 associates. Thalhimer represents, on behalf of its clients, a property portfolio of nearly 55 million leasable square feet, and management of nearly 30 million square feet of commercial property, and over 9,000 multifamily units. In 2022, Thalhimer completed over 1,900 transactions with a transactional volume of more than $2.3 billion. Thalhimer is the region’s leading provider of comprehensive commercial real estate services. The firm offers comprehensive commercial real estate services including corporate services, investment sales, tenant representation, project management, asset management, and the sale and leasing of office, industrial and retail properties.
Thalhimer’s Capital Markets Group is the region’s leading investment sales team made up of professionals focused solely on capital markets and the sale of income-producing properties throughout Virginia. The team is experienced in office, industrial, retail and multi-family dispositions and since 2012 has completed 358 transactions totaling over $5.34 billion and over 60 million square feet.
To learn more, visit www.thalhimer.com.
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