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DDR, Coventry Sell 77,000-SF Center for $13M

RICHMOND, CA-Part of a larger Downtown mixed-use redevelopment project here, the property is 100% leased and anchored by Foods Co.

By Brian K. Miller | Updated on April 07, 2005

RICHMOND, CA-Developers Diversified Realty and Coventry Real Estate Partners have sold their Richmond City Center retail development here for $13 million. Coventry held an 80% stake in the property while DDR held the remainder. The sale generated a gain of approximately $2.2 million to the joint venture. The 76,692-sf grocery-anchored center is part of a larger mixed-use redevelopment project in downtown Richmond. The center is 100% leased and anchored by Foods Co., one of Kroger’s value banners. The FoodsCo lease runs into 2013, according to the company’s annual report released in March. The center’s annualized average base rent is $16.08 per sf, according to the report.The purchase price equates to a 7.5% capitalization rate. The name of the buyer was not released by the seller and not otherwise immediately available.

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