Ashland, Va. — The Palomar Group has brokered the sale of Ashland Junction, a 141,701-square-foot retail property located roughly 18 miles outside Richmond in Ashland, to Peck Properties. Phillips Edison & Co. sold the center for $8.1 million. Ryan McArdle, Steve Collins and David Rivers of Palomar brokered the transaction. The property, which was built in 1989, was 92 percent occupied at the time of sale by tenants including Roses, Anytime Fitness, CVS/pharmacy and Food Lion.
Fairfax, Va. — Bloomingdale’s has announced plans to open its first Bloomie’s store at the Mosaic District shopping center in Fairfax on August 26. Bloomingdale’s is the latest retailer to unveil an updated store concept designed to reflect the changing wants and needs of shoppers following the COVID-19 pandemic. The new, smaller-footprint concept will span 22,000 square feet and feature an evolving mix of merchandise from top brands alongside tech-enabled stylist services and a restaurant. A standard Bloomingdale’s location spans approximately 200,000 square feet. Bloomie’s stores will offer an evolving, …
Alexandria, Va. — Avison Young’s Capital Markets Group has brokered the sale of a retail center in Alexandria. A private buyer purchased 6001 Kingstowne Village Parkway from The Halle Cos. for $14.2 million. The center is fully leased to ALDI, La-Z-Boy furniture and a newly opened Ashley Furniture HomeStore. Jonathan Hipp, Richard Murphy, Chip Ryan and Matt Weber of Avison Young represented the seller in the transaction.
North Bethesda, Md. — Federal Realty Investment Trust has acquired four retail properties in California, Virginia and Arizona totaling 1.75 million square feet. Acquisitions include Grossmont Shopping Center, located 10 miles outside San Diego in La Mesa, California; Camelback Colonnade and Hilton Village, both located in the Phoenix metropolitan area; and Chesterbrook Shopping Center, located 10 miles outside Washington, D.C., in McLean, Virginia. Federal Realty will own 80 percent interest in the four properties, which occupy 125 acres of land valued at $407 million. The 925,000-square-foot Grossmont Shopping Center was …
Newport News, Va. and Lawrenceville, Ga. — SRS Real Estate Partners’ National Net Lease Group has brokered the sales of two single-tenant retail properties for a combined $10.6 million. The properties are located in Newport News and Lawrenceville and were both built in 2020. Petsuites signed long-term, 20-year leases at both locations. Britt Raymond and Kyle Fant of SRS represented the seller, a North Carolina-based developer, in both 1031 exchange transactions. Both stores span 14,000 square feet. The Newport News location is located at 12533 Warwick Blvd. The property is …
McLean, Va. — KLNB has arranged the sale of Chesterbrook Shopping Center in McLean. Vito Lupo, Andy Stape and Jake Furnary of KLNB’s investment sales team represented the seller, Chesterbrook One LLC, and worked with the buyer, Federal Realty Investment Trust. Federal Realty Investment Trust was also the center’s existing property manager and had a long-standing relationship with ownership. The sale’s price was not disclosed. Located at 6244 Old Dominion Drive, Chesterbrook Shopping Center has been anchored by Safeway since 1965. Additional tenants at the 89,625-square-foot shopping center include Walgreens, …
Chesterfield, Va. — Stan Johnson Co. has brokered the sale of Hancock Village Phase II, a 61,500-square-foot shopping center located at 14601 Hancock Village St. in Chesterfield. The multi-tenant retail center, anchored by Burlington, was fully leased at the time of sale. Jason Taylor of Equity Management Group Inc. represented the Lexington, Kentucky-based buyer in the acquisition of the property for $11.1 million through a 1031 exchange. Caldwell and Patrick Kelley of Stan Johnson Co. represented the seller, a Virginia-based developer. Hancock Village Phase II is part of a community …
Falls Church, Va. — Federal Realty Investment Trust will soon break ground on the redevelopment of Falls Plaza, a 144,000-square-foot, grocery-anchored shopping center located at 1200 W Broad St. in Falls Church. The project will include façade renovations, new signage, landscaping, decorative lighting and the addition of multiple outdoor amenity areas. Federal Realty expects to complete the project later this year, ahead of the holiday shopping season. In addition to the renovation, the center will be renamed and rebranded as Birch & Broad. Tenant Giant Food is also set to …
Ashburn, Va. — A joint venture between Novais Partners and the Hanover Co. has announced plans for Rivana at Innovation Station, a 4.4 million-square-foot mixed-use development located 30 miles outside Washington, D.C., in Ashburn. The 103-acre, transit-oriented project will be developed adjacent to Loudoun County’s extension of the Metro Silver Line, one stop from Washington-Dulles International Airport. Current plans for the project include 2,000 multifamily units; 1.8 million square feet of Class A office space; a 185,000-square-foot retail village; a 265-room boutique hotel; and a network of green and public …
Rustburg, Va. — S.L. Nusbaum Realty Co. has arranged the $4.7 million sale of Rustburg Marketplace, a 46,700-square-foot shopping center in Rustburg. The Kent Mall LLC, a private real estate investment company based in Pennsylvania, purchased the center from Rustburg Ventures LLC. The center, anchored by Food Lion, was fully leased at the time of sale to nine local and national tenants including Family Dollar, Virginia ABC, Domino’s Pizza and Subway. According to the brokers, 88 percent of the tenants at Rustburg Marketplace have been in place for more than …
