Virginia

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DevelopmentFloridaNewsOklahomaRetailersVirginia

The Spice & Tea Exchange Signs New Franchise Deals Across Oklahoma and Virginia

by Abby Cox

St. Augustine, Fla. — St. Augustine, Florida-based specialty retail brand The Spice & Tea Exchange has signed a franchise agreement to open seven new stores across Oklahoma and Virginia. The newly signed agreements include one unit in Guthrie, Oklahoma; two, three-unit development deals in Fredericksburg, Charlottesville and Roanoke, Virginia; and Lexington, plus two additional territories to be announced. These deals build upon the brand’s existing footprint in Sulphur, Oklahoma, and Richmond and Williamsburg, Virginia. Development timelines and projected opening dates for the new locations will be released in the coming …

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DevelopmentEntertainmentNewsVirginia

BIVI/Padel Acquires Former Beach Cinema Alehouse in Virginia Beach for $6.3 Million, Plans Redevelopment

by Abby Cox

Virginia Beach, Va. — BIVI/Padel has acquired the former Beach Cinema Alehouse, a dine-in movie theater located at 941 Laskin Road in Virginia Beach, for $6.3 million. The buyers — a partnership between Jason Vickers-Smith and Ahmad Butt — plan to transform the property into an indoor padel facility, dubbed the Padel Foundry, creating a social “third space.” The facility is targeted to open in early 2027. Gerald Divaris and Sezin Cortinas of Divaris Real Estate represented the seller, while Levi Thomson, also of Divaris Real Estate, represented the buyer.

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grocery-anchored-retail-portfolio
GeorgiaGrocery-anchoredInvestment salesNew JerseyNewsSouth CarolinaVirginia

JLL Negotiates $115 Million Sale of Grocery-Anchored Retail Portfolio Across Four States

by Abby Cox

Atlanta — JLL Capital Markets has acquired a 588,000-square-foot portfolio of grocery-anchored retail centers in Georgia, South Carolina, Virginia and New Jersey, for $115 million. The portfolio comprises seven retail properties: Hickory Flat Village in Canton, Georgia; Deshon Plaza in Stone Mountain, Georgia; Flat Shoals Crossing in Decatur, Georgia; Cascade Corners in Atlanta; The Plaza at Carolina Forest in Myrtle Beach, South Carolina; Kroger Plaza in Virginia Beach, Virginia; and Lewandowski Commons in Lyndhurst, New Jersey. The portfolio is 99.6 percent leased and features a mix of grocers including Publix, Kroger …

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fairfield-shopping-center
Grocery-anchoredInvestment salesNewsVirginia

BC Wood Properties Acquires Fairfield Shopping Center in Virginia Beach for $34.9 Million

by Abby Cox

Virginia Beach, Va. — Lexington, Kentucky-based BC Wood Properties has acquired Fairfield Shopping Center, a 184,106-square-foot shopping center located in Virginia Beach, for $34.9 million. Food Lion and T.J. Maxx anchor the center, which was 93 percent leased at the time of sale. Additional tenants at the property include Burn Boot Camp, Papa John’s Pizza, Ivy Rehab, Jovi Salon, Fairfield Flowers, Truist Bank, Starbucks Coffee and Verizon Wireless. David Webb and Thompson Brown of Berkeley Capital Advisors represented the seller, Charlotte, North Carolina-based Crosland Southeast and an undisclosed joint venture partner, …

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Shops at Stonefield
FinanceGrocery-anchoredNewsVirginia

JLL Secures $74.5 Million in Refinancing for Grocery-Anchored Shopping Center in Central Virginia

by Abby Cox

Charlottesville, Va. — JLL Capital Markets has secured a $74.5 million loan to refinance the Shops at Stonefield, a 267,294-square-foot shopping center located in the Central Virginia city of Charlottesville, about 70 miles northwest of Richmond. Brian Gaswirth, Evan Parker, Gus Caiola and Jude Carlon of JLL arranged the three-year loan through FS Credit Real Estate Income Trust on behalf of the borrower, O’Connor Capital Partners. Shops at Stonefield is anchored by Trader Joe’s and includes a mix of additional tenants such as L.L. Bean, lululemon, Sephora and a 14-screen …

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landstown-commons
Investment salesNewsVirginia

Berkeley Capital Advisors Arranges $102 Million Sale of Landstown Commons in Virginia Beach, Virginia

by Abby Cox

Virginia Beach, Va. — Berkeley Capital Advisors has arranged the $102 million sale of Landstown Commons Shopping Center, a 408,851-square-foot super-regional power center located in Virginia Beach. Kohl’s, Ross Dress for Less, Best Buy, Old Navy and Ulta Beauty anchor the center. Other tenants include Bath & Body Works, Carter’s, Burlington, Five Below, Dollar Tree and PetSmart. Moritt Hock & Hamroff represented the buyer, an affiliate of Yale Realty Services. Rob Carter of Berkeley Capital Advisors represented the seller, Acadia Realty Trust. The Bank of Montreal provided $73.4 million in …

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Company newsGrocery-anchoredNewsVirginia

Rappaport to Manage West Springfield Shopping Center in Metro Washington, D.C.

by Abby Cox

Springfield, Va. — Rappaport has been selected to provide property management services for Principal Asset Management’s West Springfield Shopping Center, an 86,000-square-foot grocery-anchored center located in Springfield, approximately 14 miles southwest of Washington, D.C. Rappaport already oversees leasing at the property, and also previously managed a redevelopment project at the center, which featured the relocation and ground-up construction of an Inova/GoHealth facility and consolidation of the new grocery anchor, Aldi. Additional tenants at West Springfield Shopping Center include Panera Bread, Chipotle Mexican Grill, Subway, Magic Cleaners, The UPS Store, Papa John’s …

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The Shoppes at River Forest
Investment salesNewsVirginia

Prudent Growth Partners Sells 30,070-Square-Foot Retail Center in Suburban Richmond for $8.9 Million

by Abby Cox

Chester, Va. — Chapel Hill, North Carolina-based Prudent Growth Partners has sold The Shoppes at River Forest, a 30,070-square-foot retail strip center located in Chester, a suburb of Richmond. The purchase price was $8.9 million. Originally constructed in 2007 on roughly 3.7 acres, the property was 95 percent leased at the time of sale to 12 tenants including GameStop, Sweet Frog, State Farm and the U.S. Marine Corps. Catharine Spangler of Cushman & Wakefield | Thalhimer’s Capital Markets Group represented the seller in the transaction.

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Grocery-anchoredInvestment salesNewsVirginia

Cohen & Steers, Philips Edison Acquire Kroger-Anchored Shopping Center in Charlottesville, Virginia

by Abby Cox

Charlottesville, Va. — A joint venture between Cohen & Steers Income Opportunities REIT (CNSREIT) and Philips Edison & Co. (PECO) has acquired Rio Hill Shopping Center, a 288,000-square-foot open-air shopping center located near the University of Virginia (UVA) in Charlottesville. This transaction marks CNSREIT’s third acquisition with PECO and its seventh open-air shopping center. Rio Hill Shopping Center is leased to Kroger and two TJX concepts. The sales price was not disclosed.

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Castle Shops
Investment salesNewsVirginia

Prudent Growth Acquires 37,309-Square-Foot Castle Shops in Chesapeake, Virginia, for $5.4 Million

by Abby Cox

Chesapeake, Va. — Chapel Hill, North Carolina-based Prudent Growth Partners has acquired Castle Shops, a 37,309-square-foot retail strip center located in Chesapeake, for $5.4 million. Dollar Tree anchors the two-building property, which was fully leased at the time of sale. Additional tenants include CHKD Thrift Store, Boost Mobile and Liberty Tax. Jeff Fritz and Jay O’Donnell of Colliers represented the seller in the transaction. George Fox, also of Colliers, served as the leasing agent.

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