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Investment salesNewsRetailersVirginia

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

by Alex Tostado

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 …

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DevelopmentGrocery-anchoredNewsRetailersVirginia

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

by Alex Tostado

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 …

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Company newsGrocery-anchoredInvestment salesMarylandNewsRetailersVirginia

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

by Alex Tostado

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 …

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Investment salesNewsRetailersVirginia

Cushman & Wakefield | Thalhimer Arranges $18.6 Million Sale of Bermuda Square Center in Metro Richmond

by Alex Tostado

Chester, Va. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has arranged the $18.6 million sale of Bermuda Square, an 84,064-square-foot retail center in Chester. The property, which sold for $221 per square foot to GBT Realty Corp., is located at 12607-12649 Jefferson Davis Highway, 13 miles south of Richmond. The shopping center includes two multi-tenant buildings and six single-tenant outparcels, as well as a six-acre pad site. At the time of sale, Bermuda Square was leased to 18 tenants, including PetCo, SunTrust Bank, Starbucks and Chipotle. Catharine Spangler …

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Investment salesNewsVirginia

Partnership Purchases Shopping Center in Centreville, Virginia for $55.4 Million

by Katie Sloan

Centreville, Va. — A partnership between Willard Retail, Declaration Partners and  Frankel Properties has acquired Old Centreville Crossing, a 171,631-square-foot, grocery-anchored shopping center in Centreville, seven miles west of Fairfax, Virginia. The partnership purchased the property for $55.4 million from JBG Smith, a REIT based in Chevy Chase, Maryland. The partnership plans to complete minor renovations to the center. Old Centreville Crossing is located at 13810-13860 Braddock Road and situated on 16 acres along U.S. Route 29. Spa World and Korean-American supermarket chain H-Mart anchor the asset.

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Investment salesNewsVirginia

KLNB Arranges $21 Million Sale of Maplewood Center in Manassas, Virginia

by Katie Sloan

Manassas, Va. — KLNB has arranged the $21 million sale of Maplewood Center, a 135,674 square-foot grocery-anchored retail center located at 8300-8370 Centreville Road in Manassas. Andy Stape, Vito Lupo and Stephen Porter of KLNB’s Retail Investment Sales Group represented the undisclosed seller and procured the unnamed purchaser for this transaction. Anchored by Megamart Supermarket, a Mid-Atlantic supermarket chain, Maplewood Center was 98 percent leased at the time of sale. Other notable tenants include Dollar General, McDonald’s, Popeyes and Pizza Hut.

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Company newsNewsRetailersVirginia

Hamilton Beach to Close All 160 Kitchen Collection Stores by End of Year

by Alex Tostado

Glen Allen, Va. — Hamilton Beach Brands Holding Co. has announced that it will close all stores of its retail subsidiary, The Kitchen Collection, by the end of the year. Kitchen Collection employs approximately 800 people at 160 stores across 37 states. The company previously closed about 35 underperforming stores in an effort to maintain long-term profitability, but higher operating losses in the first half of 2019 have prompted Hamilton Beach Brands to shutter the chain entirely. “Despite our best efforts to return Kitchen Collection to profitability through footprint consolidation, …

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Branch Properties Buys Two Grocery-Anchored Shopping Centers in Florida, Virginia for $47 Million

by Alex Tostado

Punta Gorda, Fla. and Williamsburg, Va. — Branch Properties LLC has acquired two grocery-anchored shopping centers in the Southeast for $47 million. The two properties are Burnt Store Marketplace in Punta Gorda and Lightfoot Marketplace in Williamsburg. Branch Properties acquired the 95,625-square-foot Burnt Store Marketplace for $17 million. A 46,500-square-foot Publix anchors the center, which includes four undeveloped outparcels. The center was 88 percent leased at the time of sale to tenants including Anytime Fitness, Pet Supermarket and The Home Depot, which was not a part of the sale. Built …

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DevelopmentGrocery-anchoredNewsRetailersVirginia

Barnett Properties Breaks Ground on Publix-Anchored Shopping Center in Northern Virginia

by Alex Tostado

Stafford, Va. — Barnett Properties has broken ground on Embrey Mill Town Center, a Publix-anchored shopping center in Stafford. The property will also feature 26,500 square feet of small shop space. Carter Bank provided construction financing. Freeman Morgan Architects designed the shopping center, and VHB is the engineer. Steve Sartorio of Barnett Properties will handle leasing efforts. Barnett Properties expects to open Embrey Mill Town Center in early 2021. This Publix will join locations in Williamsburg and Fredericksburg as the only Publix stores in Virginia outside of the Richmond metro …

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Investment salesNewsRetailersVirginia

American Commercial Realty Purchases 198,741-Square-Foot Shopping Center in Hampton Roads Region

by Alex Tostado

Chesapeake, Va. — American Commercial Realty Corp. (ACR) has purchased Crossroads at Chesapeake Square, a 198,741-square-foot shopping center in Chesapeake. Ross Dress for Less, Aldi, Best Buy and Old Navy anchor the center. The Hampton Roads property was built in 1991 with Walmart as its anchor. Walmart relocated in 2005, making room for a new tenant mix. This is ACR’s first purchase in Virginia. Virginia Beach-based Divaris Real Estate will manage the leasing for the center.

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