Merchant’s Walk Shopping Center Sells for $18.4 Million
Richmond, Va. (September 18, 2023) –– Divaris Real Estate announced today the sale of Merchant’s Walk Shopping Center, located at 7580 W. Broad St. in Henrico. Local investor Qi Lin purchased the shopping center for $18.4 million.
The 219,972-square-foot shopping center is strategically positioned in the thriving and affluent West End along West Broad Street–Route 250. It features 38 retail stores, including major anchor tenants Food Lion, AutoZone, and JOANN Fabric and Craft store.
“A recurring customer is one of the most rewarding parts of the job,” said John Madures, senior vice president for Divaris Real Estate who facilitated the sale. “It has been exciting to be a part of growing this investment portfolio for our buyer, and we are proud to have been selected to lease and manage this property as well.”
John Madures also represented Qi Lin in July 2022 on the purchase of the $5.4 million Southpark Shopping Center, and is assisting with the sale of the Broad Rock Shopping Center.
Loretta Cataldi, Principal and Managing Broker for the Divaris Richmond office, commented on John’s recent accomplishments, saying, “We are thrilled with John’s instrumental role in the acquisition of Merchant’s Walk, a testament to his commitment and dedication to his clients.”
Merchant’s Walk currently boasts a 97% occupancy rate. Over the past year, the center has welcomed 2.2 million visitors, including both local and regional shoppers. Future plans for the shopping center include improvements to the parking lot, landscaping enhancements, and new roofing. In addition to brokering the sale, Divaris Real Estate will also handle leasing, and Divaris Property Management Corp. will take on property management responsibilities for this sprawling 20-acre property. Two smaller retail sites are currently available for lease.
About Divaris Real Estate
Divaris Real Estate, Inc. is headquartered in Virginia Beach, Va. with offices in Tysons, Newport News, Norfolk, Richmond and Roanoke, Va.; Charlotte and Raleigh, N.C.; Beverly Hills, Calif.; and Rockville, MD. Divaris Real Estate and Divaris Property Management Corp. are divisions of The Divaris Group, an international fully integrated real estate services, brokerage, and property management company that currently manages and/or leases over 39.3 million square feet of prime office, retail, and industrial space throughout the US. Gerald S. Divaris is Chairman of the Board and CEO, Michael B. Divaris is President, and Tony Divaris is Chief Operating Officer of the Divaris Group
Divaris Real Estate is a member of Realty Resources, a national group of independent retail property brokers and managers, covering 91 major markets throughout the U.S. DRE is also the Virginia affiliate for The CORE Network, a national group of office and industrial brokers with affiliates throughout the U.S., Canada, Mexico, Asia and Europe. These organizations represent corporate and institutional clients, tenants, and buyers in all aspects of leasing, development, management, sales and acquisitions.