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Liberty Investment Partners Acquires The Shops At Wellesley Retail Center In Richmond, VA

Property Image
SOLD
$10,100,000

Virginia

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Retail42,318 SF
Sold 08/28/2023
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Property Image
SOLD

Liberty Investment Partners Acquires The Shops At Wellesley Retail Center In Richmond, VA

3416 Lauderdale Drive Richmond, Va 23233, Usa

See Similar Deals
Retail42,318 SF
Sold 08/28/2023
the dealplayerscompscontact
Contact now

Summary

VIRGINIA
Asset Type:Retail
Price Per Square Foot:$238
Total Square Footage:42,318 SF
Transaction Type:Sale

Liberty Investment Partners has recently acquired The Shops at Wellesley, a neighborhood retail center located at 3416-3470 Lauderdale Drive in Richmond, VA. The property spans 42,318 square feet and was purchased for a total sale price of $10,100,000, resulting in a price per square foot of $239. The retail center currently boasts an impressive occupancy rate of 94.5%.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $10,100,000
  • Square Footage: 42,318
  • Price per Square Foot: $239
  • Address: 3416-3470 Lauderdale Drive, Richmond, VA

In this deal, Liberty Investment Partners was represented by John Barker. Catharine Spangler from Cushman & Wakefield acted as the broker for the transaction.

Players

CS
Cushman & Wakefield
Catharine Spanger
1 deal$10.1M volume
BROKER
LP
Liberty Investment Partners
BUYER

Details

SOLD
IMAGE: Catharine Spangler & John Barker DATE: 08/28/2023 ADDRESS: 3416-3470 Lauderdale Drive MARKET: Richmond, VA ASSET TYPE: Retail BUYER: Liberty Investment Partners - John Barker BROKER: Catharine Spangler - Cushman & Wakefield SALE PRICE: $10,100,000 SF: 42,318 ~ PPSF: $239 NOTE: Liberty Investment Partners acquired The Shops at Wellesley in Richmond, VA for $10.1 million. The property is a 42,318-square-foot neighborhood retail center with a 94.5% occupancy rate.

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Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$538,666.68

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$35,883.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$47,879.15
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