A shopping center near the Innsbrook office and residential complex in western Henrico has sold for roughly $17 million.

Parkside Marketplace, at the intersection of West Broad Street and Cox Road, has 26 tenants, including Leonardo’s Pizza, Zara Mediterranean Charcoal Grill and Five Guy’s. Cushman & Wakefield | Thalhimer, which arranged the sale, announced it Tuesday.

It’s the latest retail parcel on West Broad to sell for $10 million or more.

The 6-acre shopping center was sold by a Washington-based firm, Stavins & Axelrod Properties Inc. to a Chicago-based operator, Northpond Partners. The purchase is the first of a $200 million investment being made by Northpond in retail centers in the southeast and Sunbelt. 

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Located at West Broad Street and Cox Road in western Henrico, Parkside Marketplace is home to a West Marine store, AT&T and an M&T Bank. 





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Built in 1987, Parkside Marketplace is 98% leased, and the tenants have an average tenure of 15 years, Thalhimer said. Henrico County assessed the land and buildings for about $14 million. 

Brick and mortar retail locations on West Broad Street continue to find buyers. The Merchants Walk shopping center sold last year for $18 million, and a nearby strip mall with a Michaels arts and crafts store went for $10 million. 

“We’re still seeing significant investor demand in the retail sector,” said Catharine Spangler of Thalhimer, who represented the seller. 


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