Starved for space, the owners of Nick’s International Foods, a neighborhood institution at 400 W. Broad St., have put their building on the market as they ponder a move out of the city.

The 8,600-square-foot property is for sale for $1.05 million, according to Manuel Mouris, a second-generation owner along with his brother Philip Mourtzakis.

Mouris said if he gets the right price for his building they will move the food business to an expanded space outside the city.

“We need more space to operate our wholesale business,” he said. “I’m not going out of business. I need to sell this to do the other place.”

The store, which serves as a deli and Mediterranean goods wholesale distribution space, is on the ground floor below two additional stories that house four apartments.

Nick’s has been in its current location since 1980 but dates back more than 50 years.

Mouris has enlisted brokers Jim Ashby and Alex Wotring of Cushman & Wakefield | Thalhimer to market the property, which was constructed in 1919 and most recently assessed at $480,000.

Ashby said Nick’s proximity to VCU, which is building its $35 million Institute of Contemporary Art at the nearby corner of Broad and Belvidere, could make the property attractive.

“Given the continued revitalization of this area, coupled with VCU’s continued growth close by, we see this as a great opportunity for an investor,” Ashby said.

Mouris said the property was put on the market a couple of weeks ago. He said he hasn’t had any offers yet and will only move the operation if he sells the building.

“If it happens, it happens,” he said. “If it doesn’t, it doesn’t.”