Wegmans, Cabela’s-anchored West Broad Marketplace sells for $86M

West Broad Marketplace was developed about a decade ago. (Mike Platania photo)

Thanks to the biggest real estate transaction in Henrico County this year, a firm from the Windy City now owns both of the Wegmans grocery store buildings in the Richmond region.

InvenTrust, a REIT of Chicago, last week purchased West Broad Marketplace in western Henrico for $86 million, according to county records. 

The nearly 400,000-square-foot shopping center at 12300 W. Broad St. is anchored by Wegmans and the region’s only Cabela’s store. Its retail tenants skew toward chains, including Burlington, Michaels and Duluth Trading Co., while, other than a Five Guys, its restaurant tenants are local operators such as Wood & Iron Gameday and Buttermilk and Honey. The shopping center looks to be nearly 100% occupied, with only a pair of spaces totaling around 3,800 square feet available. 

It’s the second deal InvenTrust has closed in the Richmond area in the past year. Last fall it bought the region’s other Wegmans-anchored shopping center, Stonehenge Village in Chesterfield, for over $62 million. 

In 2015, as West Broad Marketplace was being developed by Northern Virginia-based NVRetail, InvenTrust bought the Westpark Shopping Center in western Henrico, its first property in the region. The firm, which did not respond to requests for comment by press time, has now spent over $183 million on shopping centers in the area. 

According to county records, the West Broad Marketplace deal closed July 17. The property was most recently assessed at $88 million. 

The seller in the deal was MetLife Real Estate Investors, which bought the shopping center for $74 million in 2017. 

A few other nearby grocery-anchored centers have also traded in recent years, including the Trader Joe’s-anchored Short Pump shopping center and the Whole Foods-anchored West Broad Village, which sold for $55 million and $94 million, respectively. 

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