AmCap Completes Sale of $47 Million Grocery-Anchored Shopping Center in Virginia
STAMFORD, CT September 3, 2021 – AmCap Management, LLC, a leading vertically integrated private equity real estate firm, is pleased to announce the sale of Short Pump Station, a 91,369-square-foot, grocery-anchored, shopping center in the Richmond, Virginia suburb of Glen Allen. The final sales price was $46,750,000.
“Short Pump is one of the many outstanding grocery-anchored shopping centers within the AmCap portfolio,” said Jake Bisenius, AmCap’s President and CIO. “The property is anchored by one of the top-performing Trader-Joes, Ulta’s and Petco’s complemented by a diverse and robust group of tenants including Longhorn, Five Below and Chop’t. We are incredibly proud of the entire Short Pump/AmCap team for successfully executing the value-add business plan and creating an exceptionally profitable necessity real estate shopping center. This 2010 acquisition is a perfect example of AmCap’s vision that grocery-anchored real-estate provides outsized returns to our investors in all market cycles.”
Cushman & Wakefield’s John Owendoff led the sales effort on behalf of a joint venture between BayNorth Capital and AmCap Incorporated. Michael Zelin and Marshall Scallan, also of Cushman & Wakefield, secured acquisition financing for the buyer, Wafra Inc., a global alternative investment manager.
“We saw significant interest from a deep and varied pool of capital sources for this high-quality retail offering. This is a great example of the migration of core, institutional capital returning to the retail sector,” said Owendoff. “Short Pump Station has a proven track record of strong performance and offers cash flow durability in a high-growth Mid-Atlantic market.”
About AmCap Necessity Retail Fund LLC
Founded in 1979, AmCap is a vertically integrated private equity real estate firm that invests and manages, grocery-anchored and necessity real estate properties nationwide. AmCap’s 41-year history gives it unique insight into the drivers of value creation in all facets of the necessity real estate property industry. The Firm manages over $1 billion of assets on behalf of leading institutional investor and has a strong track record of performance, partnership and innovation. AmCap takes pride in investing in the necessities of life.
To learn more, visit www.amcap.com.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About Wafra Inc.
Wafra Inc. is a global alternative investment manager. Wafra manages assets and capital commitments of approximately $27 billion. Wafra invests across a wide range of alternative assets, including real estate, real assets and infrastructure, private equity, strategic partnerships and liquid markets. By providing flexible and accretive capital solutions and focusing on long-term partnerships, Wafra aligns and partners with best-in-class companies and management teams. Headquartered in New York, Wafra and its affiliated and associated firms have additional offices in Austin, London, Kuwait and Bermuda. For more information, please visit www.wafra.com.