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A national retailer is exiting downtown Richmond.

Clothing store Rainbow is slated to close its store at 305 E. Broad St. later this month.

The store’s last day of business is planned to be Aug. 27, according to a sign on the door that had been posted by Monday morning.

And with Rainbow on its way out, its 19,700-square-foot, two-story building at the corner of East Broad and North Third streets has hit the market.

The asking price for the property is $2.7 million, according to a Thalhimer flyer. The property is zoned Central Business (B-4) and is located in an enterprise zone.

An LLC tied to Rainbow has owned the property since 2003, when it changed hands for $560,000, according to online city records. The building has an assessed value of $1.8 mi

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