With this grocery-anchored purchase, Broad Reach continues to close deals during challenging times.
Broad Reach Retail Partners LLC, a value-add retail owner and operator of shopping centers, announces its acquisition of the Warsaw Village Shopping Center in Warsaw, Virginia. Beyond the excitement of expanding their portfolio, Broach Reach is thrilled to accomplish this purchase in the face of the current pandemic.
Located less than two miles from Rappahannock Community College, and just one hour northeast of Richmond, this 60,100 square-foot shopping center is anchored by a newly renovated Food Lion.
In addition to Food Lion, Warsaw Village features an essential tenant lineup including Walgreens, Virginia ABC and US Renal Care, all of which have remained opened for business despite the current pandemic.
The center is currently 81% occupied, leaving approximately 11,500 square feet of spaces for lease ranging from 1,350 to 7,150 square feet. In addition, there is a one-acre out pad located at the front of the shopping center, perfect for a fast-casual restaurant. Situated prominently along Richmond Road, the main thoroughfare through Warsaw, the shopping center benefits from approximately 14,000 vehicles traveling by every day. Richmond Road also provides access across the Rappahannock River and into downtown Richmond.
“The acquisition of Warsaw Village Shopping Center during the current pandemic is one of the many examples illustrating that retail is certainly not dead, especially those retailers that are meeting the essential needs of their surrounding communities,” said Nate Tower, the founder and chief executive officer of Broad Reach.
“We’re not only excited to close this deal during this historic time, but we’re eager to bring our expertise to this market and maximize the center’s full potential by installing new tenants that will meet the needs of the greater Warsaw community.”
For leasing information, please contact Ashley Allen, Partner & VP of Leasing, at 443.890.1538 or aallen@broadreachretail.com.
About Broad Reach Retail Partners
Founded in 2006, Broad Reach Retail Partners, LLC is a privately held, fully integrated owner and operator of shopping centers. Since its beginning, Broad Reach has owned, lease or managed 47 centers, representing 4.7 million square feet. Our mission is to create value for our partners, properties, and people. We do this by maximizing the full potential of underutilized shopping centers through focused leasing, disciplined buying, and meticulous management. For more information, visit www.BroadReachRetail.com.