Glen Allen, VA -- (ReleaseWire) -- 05/06/2015 --Capital Square Realty Advisors LLC announced today it has acquired a 24,000-square-foot retail building 100 percent leased by Golfsmith USA, LLC. The property is located within West Broad Village, a mixed-use urban development in Richmond, Virginia's prestigious West End, only minutes away from Capital Square's headquarters.
"This property is leased on a long-term, triple net basis to an affiliate of the largest specialty golf retailer in the world," said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors. "The building has a prominent location within West Broad Village, which in total includes more than 400,000 square feet of prime real estate, a 339-unit apartment complex and various residential townhomes and neighborhoods."
Golfsmith USA, LLC is a subsidiary of Golfsmith International, the largest specialty golf retailer in the world. Operating stores in the U.S. and Canada, Golfsmith functions as a multi-channel retailer and offers customers shopping convenience through more than 150 retail locations and two e-commerce sites.
With 327 golf facilities and two professional golf championships, golf in Virginia is more than just an enjoyable pastime — it is a key industry contributing to the vitality of local communities and the state economy. In 2012, Virginia's direct golf economy was approximately $1.4 billion, and when the total economic impact of these golf-related activities is considered, Virginia's golf industry supported approximately $2.5 billion of total economic activity, nearly 30,000 jobs, and $733.4 million of wage income in 2012.
West Broad Village is an urban development within a suburban setting that encompasses approximately 115 acres of residential, retail, office, hotel, recreation and environmental land. The development connects single-family homes to shopping, dining and entertainment experiences within walking distance. Wide-ranging tenants in the Village include Whole Foods Market, REI, the Children's Museum of Richmond and a Starwood hotel. Onsite restaurants include Kona Grill, Dave & Busters and The Wine Loft.
Richmond is the capital of the Commonwealth of Virginia. The Richmond Metropolitan Statistical Area (MSA) is home to more than 1.25 million residents and is the 43rd largest MSA in the U.S. by population, as of 2010. Small businesses and notable Fortune companies have chosen Richmond as their home, and some of Virginia's most renowned higher educational institutions, as well as state and local government centers, are located within the city.
About Capital Square Realty Advisors LLC
Capital Square Realty Advisors, LLC specializes in the creation and management of commercial real estate investment programs for Section 1031 exchange investors and discretionary (non-1031) investors using the Delaware Statutory Trust structure. Louis J. Rogers, founder and chief executive officer of Capital Square Realty Advisors, has been involved in the creation and management of more than 100 investment offerings totaling over $3 billion, including DST, tenant-in-common, numerous real estate funds, and multiple publicly registered non-traded real estate investment trusts.