Divaris sells Tobacco Row Shopping Center
8/9/2013, 1:56 p.m.
RICHMOND - Divaris Real Estate, Inc. (DRE), has sold the Tobacco Row Shopping Center, totaling 43,373 square feet for $6.6 million. The sale was handled on behalf of the landlord, Forest City Enterprises, by Brett McNamee, senior vice president in the Richmond office of Divaris Real Estate.
The Tobacco Row Shopping Center, located at 24th and Main Streets in Richmond, VA, was sold to Wilton Companies, Inc. The buyer purchased the property at a 7.5 percent cap rate for $6,600,025. The shopping center was built in 2003 and is anchored CVS and Farm Fresh. Tobacco Row is a unique reuse of a series of abandoned tobacco warehouses on the James River in downtown Richmond.