SVN Motleys Closes 10.8MM Short Pump Deal
From Richmond Times Dispatch, article by Gregory J. Gilligan
A strip shopping center on the eastern edge of Short Pump Town Center has a new owner.
The Parc Place at Short Pump shopping center was acquired for $10.8 million by Auerbach-Parc Short Pump, an out-of-state partnership. The property was sold at an online auction in late August, and the deal closed Tuesday October 27th, according to Phillip Baxter, Senior Vice President with SVN/Motleys, which represented the seller, Los Angeles-based Colony Capital.
The 83,000-square-foot shopping center at 11736 W. Broad St. is located across the ring road from Dillard’s department store at Short Pump Town Center and was built in 2005. It was acquired that year by Gibraltar Virginia S LLC for $26.13 million, according to Henrico online property records.
But Gibraltar defaulted on a loan and the property was taken back by the lender, Colony Capital, in July 2019 at foreclosure for $16.8 million.
"They [Gibraltar] were out-of-state owners and the center wasn't well taken care of," Baxter said.
An online auction was held on Aug. 26 by Ten-X Commercial working with SVN/Motleys. The center is assessed in 2020 for $17.73 million, the county online property records show.
Parc Place is occupied by several national retailers including PetSmart, Dollar Tree and Tropical Smoothie. It has about a 22% vacancy.
"The tenant roster is really very strong," Baxter said.