Tuesday, March 15, 2011

HFF closes $23.3 million sale of grocery-anchored shopping center in Richmond, VA


WASHINGTON, D.C. –HFF announced today that it has closed the sale of Westpark Shopping Center (top left photo), a 176,973-square-foot, grocery-anchored shopping center in northwest Richmond, Virginia. 

HFF marketed the property on behalf of the seller, a commingled fund managed by J.P. Morgan Investment Management, Inc.  Westdale Real Estate Investment and Management purchased Westpark for $23.3 million and assumed existing financing on the property. 

Westpark Shopping Center is situated on a 14.7-acre site at 9645 West Broad Street approximately five miles northwest of downtown Richmond in Glen Allen.  The property is 74 percent leased to tenants including Martin’s (former Ukrop’s) and The Tile Shop.

The HFF team representing the seller included directors Richard Reid (middle right photo) and Jim Hamilton (lower left photo) and managing director Mark Remington.

“J.P. Morgan sold this institutionally-managed, well-maintained property into a strengthening retail investment environment and Westdale purchased a necessity-driven asset with the dominant grocer and upside potential in Richmond’s fastest growing corridor; this is a win-win for both sides,” said Remington.

“We are seeing tremendous opportunities to acquire properties and distressed debt at attractive valuations, to provide equity for owners to recapitalize their current holdings, and to serve as a new viable sponsor for lenders seeking a sponsor to assume existing debt,” commented Joe Beard, founder of Westdale.

Beard added, “Westpark presented a perfect opportunity to acquire a dominant Class A shopping center with strong upside while optimizing debt proceeds for the holders of a securitized loan.”

Richard M. Reid, HFF Director, (404) 832-8460, rreid@hfflp.com
Mark T. Remington, HFF Managing Director, (202) 533-2500 mremington@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,  

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