RICHMOND, VA (December 30, 2019) — Divaris Real Estate, Inc. (DRE), announced the completion of the sale of the Colonnades West shopping center in Richmond’s top retail destination, the submarket of Short Pump. The sale was brokered on behalf of the seller by Read Goode and Cheryle Toy.

Sales Transaction

Colonnades West Shopping Center, Richmond, VA
Colonnades West Shopping Center, Richmond, VA

Colterra Capital Corporation of Quebec purchased the 136,082-square-foot Colonnades West from PF Colonnades Corporation for $21,760,000.

Colonnades West is 97.5 percent leased to anchor tenants Ross Dress for Less, Marshall’s, Office Max and Shoe Carnival.   CVS Pharmacy and The Men’s Wearhouse occupy freestanding buildings on outparcels of the center.

Located on 14.73 acres of land at the southwest corner of the intersection of West Broad Street and Cox Road, Colonnades West is Richmond’s premier off-price fashion center.  It is also situated across from the region’s largest office park, The Innsbrook Corporate Center.

About Divaris Real Estate

Divaris Real Estate, Inc. ( is headquartered in Virginia Beach, VA with offices in Newport News, Norfolk, Richmond and Roanoke, VA; Charlotte, NC; Washington, DC; and Beverly Hills, CA.  Divaris Real Estate and Divaris Property Management Corp. are divisions of The Divaris Group, an international real estate brokerage and property management company that currently manages and/or leases over 31 million square feet of prime office, retail and industrial space from New Jersey to Florida. Gerald S. Divaris is Chairman of the Board, and Michael B. Divaris is President of Divaris Real Estate, Inc.

Divaris Real Estate is a member of Realty Resources, ( a national group of independent retail property brokers and managers, covering 91 major markets throughout the U.S.  DRE is also the Virginia affiliate for The CORE Network, ( a national group of office and industrial brokers with affiliates throughout the U.S., Canada, Mexico, Asia and Europe. These organizations represent corporate and institutional clients, tenants and buyers in all aspects of leasing, development, management, sales and acquisitions.