Publix has a new landlord at its Glen Allen location. (Mike Platania photo)
A former Martin’s-turned-Publix grocery store building is under new ownership.
The 63,400-square-foot building that houses the Publix location at 10150 Brook Road sold Oct. 12 for $8.54 million.
Entities tied to Florida-based Benderson Development Co. were the buyers. The seller was an entity tied to Cedar Realty Trust, a New York-based REIT.
Publix’s lease carried over in the sale, which was brokered by members of Marcus & Millichap’s D.C. office. The building and its 6.8-acre plot were most recently assessed at $7.59 million.
Benderson, per its website, has a portfolio of 700 properties nationwide. The Publix store is its second deal in Richmond, joining the Octapharma Plasma location it owns at 3830 Hull St. Attempts to reach Benderson were unsuccessful.
The Brook Road location was among the first Publix secured in Richmond in 2016 as it prepared to enter the market by purchasing 10 former Martin’s stores in the region. The Florida-based grocer has since grown to 14 stores in the region, with a 15th on the way in Carytown.
A few days after the Publix deal closed, Henrico’s Board of Supervisors gave the green light for demolition to start on parts of the nearby Virginia Center Commons. Local developer Rebkee Co. is leading a redevelopment of the mall into an arena.
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October 20, 2020 at 04:19PM
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Publix store building on Brook Road sold to new landlord for $8.5M - RichmondBizSense
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