A private individual has purchased Merchant’s Walk Shopping Center, a 219,972-square-foot retail center in Henrico, Va., for $18.4 million. Hackney Real Estate Partners sold the asset, according to CommercialEdge data.
Completed in 1982, Merchant’s Walk Shopping Center comprises four, one-story buildings on a 27-acre lot. The new owner will start an improvement plan, set to include new roofing, landscaping enhancements and upgrades to the parking lot.
The retail center is located at 7804 W. Broad St., in the West Broad Street Gardens neighborhood. The property is close to the intersection of Route 250 and Interstate 64, which provides direct access to downtown Richmond.
Divaris recently acquired The McGarey Group as part of a merger. McGarey is a mixed-use retail development, leasing and advisory services firm that will soon operate as a division of Divaris Real Estate.
In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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