San Francisco – CA – Capital Pacific, a leading retail investment brokerage firm, recently represented the seller of a 41,117 SF Walmart Neighborhood Market store at 7,000 Iron Bridge Road in Richmond, VA.
The property was sold for $12,091,444 to a private investor from Florida. The seller was Denver based Confluent Development, one of the most active private commercial developers in Colorado.
This is the 11th Walmart Neighborhood Market store that Zeb Ripple and Zandy Smith of Capital Pacific have sold for Confluent Development. This transaction contributes to Capital Pacific’s commanding market share for Walmart Neighborhood Market transactions.
According to data from CoStar, the Capital Pacific has sold 40% of all Walmart Neighborhood Markets that have transacted since 2015. Capital Pacific has sold a total of 13 Walmart Neighborhood Market stores to date, with a combined transaction value of $145M.
Confluent Development was one of the first build-to-suit developers chosen to develop a batch of Walmart Neighborhood Markets in 2014. Jon Rankin of Confluent Development commented that “Early on, pricing expectations were very aggressive, but over time buyers and sellers were able to find common ground.”
Rankin added that “As more Walmart Neighborhood Market inventory came to market, the buyer pool remained relatively limited based on the price point. Fortunately Capital Pacific helped us form realistic price expectations up front, so we were able to execute on our business plan and get all 11 deals closed.” The properties were sold both individually and in packages of 2-3 properties to both private and institutional investors.