Nuveen Real Estate Acquires Short Pump Station Retail Center In Glen Allen For $55 Million
11301 West Broad Street
$55,000,000
$602/SF
Building Size
91,369 SF
Asset Type
Retail
Closing
Jan 15, 2025
AI
The retail asset involved in this transaction is a shopping center located at 11301 West Broad Street, Glen Allen, VA. The sale occurred on January 15, 2025, with a total price of $55,000,000 for the property, which spans 91,369 square feet. The price per square foot comes to approximately $602. The property is anchored by Trader Joe's and includes tenants such as Ulta Beauty and Petco.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $55,000,000
- Square Footage: 91,369
- Address: 11301 West Broad Street
- Market: Glen Allen, VA
- Buyer: Nuveen Real Estate
- Seller: Wafra Inc
- Brokers: Catharine Spangler & John Owendoff - Cushman & Wakefield
- Price Per Square Foot: $602
This transaction marks Nuveen Real Estate's second acquisition in the Richmond metro area, facilitated by the brokerage team of Catharine Spangler and John Owendoff from Cushman & Wakefield, representing both parties in the deal.
Players
Glen Allen Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.29%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93