Virginia

Development Group to Build New Earth Fare Grocery Store in Christianburg, Virginia

by Alex Tostado July 7, 2020

Christianburg, Va. — A group of developers will build a new prototype of the specialty grocer in Christianburg. Walt Rector, founding principal of Flagstaff, Ariz.-based Bromont Investments, and investment partner Chris Carlsen, are leading the development of the Earth Fare, which will be located within Christianburg Marketplace. The new store will feature a smaller footprint than previous Earth Fare stores. Fletcher, N.C.-based Earth Fare closed all of its 46 stores and filed for bankruptcy in February. Randy Talley, cofounder of the original Earth Fare, and Dennis Hulsing, an Asheville, N.C.-based …

July 7, 2020

Grocery-anchored Investment sales News Retailers Virginia

Armada Hoffler Agrees to Sell Seven Southeastern Retail Properties for $106.5 Million

by Alex Tostado March 16, 2020

Virginia Beach, Va. — Armada Hoffler has agreed to sell seven grocery-anchored retail properties in North Carolina, Virginia and Maryland for a combined $106.5 million. The assets comprise 630,780 square feet. The three Virginia centers include Bermuda Crossroads, a 122,566-square-foot, Food Lion-anchored property in Chester; Gainsborough Square, an 88,862-square-foot, Food Lion-anchored property in Chesapeake; and Indian Lakes Crossing, a 64,973-square-foot, Harris Teeter-anchored property in Virginia Beach. In North Carolina, the company will sell three Harris Teeter-anchored centers, including Alexander Pointe, a 64,724-square-foot property in Salisbury; Harper Hill Commons, a 64,973-square-foot …

March 16, 2020

Investment sales News Retailers Virginia

SRS Negotiates $4 Million Sale of Single-Tenant Retail Property in Richmond Net Leased to 7-Eleven

by Alex Tostado March 3, 2020

Richmond, Va. — SRS Real Estate Partners’ National Net Lease Group has negotiated the $4 million sale of a single-tenant building in Richmond net leased to 7-Eleven. The 2,956-square-foot building is situated on 1.2 acres at 5201 Chamberlayne Ave., five miles north of downtown Richmond. The seller, an undisclosed developer based in Richmond, delivered the asset in late 2019. There is a 15-year, corporate-guaranteed lease in place with 7-Eleven Inc. Frank Rogers and Michael Carter of SRS represented the seller in the transaction. Gardner King of Dominion Commercial represented the undisclosed …

March 3, 2020

Investment sales News Retailers Virginia

SRS Negotiates Sale of 467,358-Square-Foot Retail Portfolio in Southeast

by Alex Tostado February 28, 2020

Richmond, Va. — SRS’ Investment Property Group (IPG) has negotiated the sale of a four-property, 467,358-square-foot retail portfolio spanning four Southeastern states. Richmond-based Hackney Real Estate Partners acquired the portfolio, which comprises New Smyrna Beach Shopping Center in New Smyrna Beach, Florida; Marintown Plaza in North Augusta, South Carolina; Kings Fairground in Danville, Virginia; and a single-tenant building net-leased to The Home Depot in Dothan, Alabama. The sales price was not disclosed. The largest shopping center in the portfolio is Marintown Plaza, a 141,903-square-foot property that was fully leased at …

February 28, 2020

Investment sales News Retailers Virginia

S.L. Nusbaum Negotiates Sale of 49,161-Square-Foot Retail Center in Norfolk

by Alex Tostado February 4, 2020

Norfolk, Va. — S.L. Nusbaum Realty Co. has negotiated the sale of Little Creek Marketplace, a 49,161-square-foot retail property in Norfolk. SWNC I LLC, a retail real estate fund led by Shannon Waltchack, acquired the center for an undisclosed price. Little Creek Marketplace was 97 percent leased at the time of sale to tenants including Verizon Wireless, Navy Federal Credit Union, Applebee’s, Wing Stop, Fuddruckers, Cookies and Cakes of Virginia, Beltone, Leisure Dental, The UPS Store, Hair Cuttery and Great Clips. The property is situated at the intersection of Little …

February 4, 2020

Development Entertainment Investment sales Malls News Virginia

VCC Partners, Shamin VCC Acquire Former Macy’s in Virginia, Plan to Redevelop into Sports Complex

by Alex Tostado January 22, 2020

Glen Allen, Va. — VCC Partners LLC and Shamin VCC LLC have acquired a 109,813-square-foot former Macy’s within Virginia Commons Mall in Glen Allen for $2 million. The buyers plan to demolish the existing building and redevelop the nine-acre property into a sports arena that will include indoor event space, basketball courts and seating for 4,500 spectators. Demolition will begin by May. David Kalman of S.L. Nusbaum Realty Co. represented the seller, Impact Investments Group LLC, in the transaction.

January 22, 2020

Company news News Retailers Virginia

Hair Salon Retailer Ratner Cos. to Close More Than 80 Salons

by Alex Tostado January 21, 2020

Vienna, Va. — The Ratner Cos., the parent company of salon concepts such as Hair Cuttery, Bubbles and Salon Cielo, plans to trim its 844-store portfolio by 10 percent. The company plans to maintain a presence in all existing markets as it looks to shift resources to its best-performing salons. Ratner Cos. cites “intense competition and rising operating costs,” as well as shifting consumer shopping methods, as the basis for its decision. The firm has engaged in discussions with landlords to renegotiate terms or exit some of its leases. In …

January 21, 2020

Investment sales News Retailers Virginia

Divaris Brokers $21.8 Million Sale of Colonnades West Shopping Center Near Richmond

by Alex Tostado January 3, 2020

Glen Allen, Va. — Virginia Beach-based Divaris Real Estate Inc. has brokered the $21.8 million sale of the Colonnades West shopping center located at 10931 W. Broad St. in Glen Allen. Quebec-based Colterra Capital Corp. purchased 136,082-square-foot shopping center situated 11 miles northwest of Richmond from Los Angeles-based PF Colonnades Corp. Read Goode and Cheryle Toy of Divaris represented the seller in the transaction. Located on 14.7 acres at the southwest corner of West Broad Street and Cox Road, the shopping center is located near Richmond’s Short Pump neighborhood and …

January 3, 2020

Development Grocery-anchored News Retailers Virginia

Wegmans to Develop $175 Million Distribution Campus in Hanover County, Virginia

by Alex Tostado December 13, 2019

Ashland, Va. — Rochester, New York-based Wegmans Food Markets Inc. will invest $175 million to establish a new regional distribution operation in Hanover County, 13 miles northeast of Richmond. Located along Sliding Hill and Ashcake roads in Ashland, the new campus will allow the grocer to expand its distribution network on the East Coast and grow its retail footprint, while creating 700 new jobs. Wegmans currently has over 100 stores in New York, Pennsylvania, New Jersey, Virginia, Maryland, Massachusetts and North Carolina. No construction timeline was given for the new Virginia …

December 13, 2019

Company news Grocery-anchored Investment sales Maryland News Retailers Virginia

UNFI to Sell 13 Shoppers Food & Pharmacy Locations in Maryland, Virginia

by Alex Tostado December 10, 2019

Maryland and Virginia — United Natural Foods Inc. (UNFI) will sell 13 of its 43 Shoppers Food & Pharmacy locations in a continued effort to reduce its retail footprint. The company will sell the stores to three grocery operators, which will run the stores under their respective banners. UNFI will also close four Shoppers Food locations by the end of January 2020. UNFI agreed to not renew three of the leases while the fourth lease will be canceled pursuant to agreement with the landlord. The four stores being closed are …

December 10, 2019

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