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Hackney Real Estate Partners Sells Grocery-Anchored Shopping Center On West Broad Street For $18.4M
SOLD
$18,400,000
Virginia
See Similar DealsRetail219,972 SF
Sold 09/19/2023
SOLD
Hackney Real Estate Partners Sells Grocery-Anchored Shopping Center On West Broad Street For $18.4M
7502 West Broad Street
See Similar DealsRetail219,972 SF
Sold 09/19/2023
Summary
VIRGINIA
Asset Type:Retail
Price Per Square Foot:$83
Total Square Footage:219,972 SF
Transaction Type:Sale
Merchants Walk, a grocery-anchored shopping center spanning 219,972 square feet, has been sold in Richmond, Virginia. The property is located on West Broad Street and was sold for a total of $18.4 million.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $18,400,000
- Address: 7502 West Broad Street, Richmond, VA
- Market: Richmond, VA
- Square Footage: 219,972
Cushman & Wakefield, represented by Catharine Spangler and John Owendoff, played a crucial role in facilitating the sale of Merchants Walk. Hackney Real Estate Partners served as the seller in this transaction. With their expertise and experience, they successfully closed the deal at a price of $18.4 million.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$981,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$65,371.32
Cash-on-Cash Return-1.27%
Monthly Debt Service$87,225.39
Annual Debt Service$1,046,704.65
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