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Avison Young Acquires Madison Marquette Retail Platform, 6.1 Million-Square-Foot Portfolio

by Hayden Spiess

Toronto, Canada and Washington, D.C. — Avison Young has entered into an agreement to acquire Madison Marquette’s retail platform for an undisclosed price. The acquisition will include the Washington, D.C.-based firm’s retail property management, marketing and leasing services throughout the U.S.; and a portfolio comprising more than 6.1 million square feet of properties managed and leased by Madison Marquette. Madison Marquette teams will integrate with those of Toronto, Canada-based Avison Young in Los Angeles, New Jersey, Philadelphia, Indiana, Arkansas, Maryland, Virginia, Atlanta and Florida, and the acquisition expands Avison Young’s presence …

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arena
DevelopmentEntertainmentMixed-useNewsVirginia

Partnership Unveils Plans for 9 Million-Square-Foot Entertainment District Anchored by New Arena for Washington Capitals, Wizards in Virginia

by Hayden Spiess

Alexandria, Va. — A partnership between developer JBG Smith (NYSE: JBGS) and Monumental Sports & Entertainment (MSE) has unveiled plans to build a mixed-use entertainment district totaling approximately 9 million square feet in Alexandria, just south of Washington, D.C. Anchoring the project will be a new arena for the NHL’s Washington Capitals and NBA’s Washington Wizards within National Landing, an area encompassing the interconnected neighborhoods of Potomac Yard, Crystal City and Pentagon City.   Additionally, plans call for a global corporate headquarters for MSE, Monumental Sports Network media studio, Wizards practice facility, …

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Braemar Village Center
Grocery-anchoredInvestment salesNewsVirginia

Sterling Organization Acquires Braemar Village Center in Metro D.C. for $31.4 Million

by Hayden Spiess

Bristow, Va. — Sterling Organization has acquired Braemar Village Center, a retail center located in Bristow, roughly 40 miles outside Washington, D.C., for $31.4 million. A 57,860-square-foot Safeway anchors the property, which totals 111,635 square feet. Other tenants at the center include Dunkin’ Donuts, Subway, Bank of America and Arby’s. 

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FinanceNewsVirginia

Macerich Secures $710 Million Refinancing of Tysons Corner Center in Virginia

by Hayden Spiess

Tysons, Va. —Macerich has secured a $710 million loan for the refinancing of Tysons Corner Center, a retail center located in Tysons. Nordstrom, Bloomingdale’s and Macy’s anchor the property, which totals 1.8 million square feet. The financing will replace an existing $666 million loan that was scheduled to mature on Jan. 1. A Macerich joint venture owns the center. 

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CaliforniaCompany newsConnecticutInvestment salesLeasingMarylandMichiganNew JerseyNew YorkNewsOhioOregonPennsylvaniaVirginiaWashington

A&G to Sell 79 Rite Aid Leases in 11 States

by Hayden Spiess

Camp Hill, Pa. — A&G Real Estate Partners will market 79 Rite Aid store leases for sale, in its capacity as real estate advisor to the company, pending approval by the U.S. Bankruptcy Court for the District of New Jersey. Part of Rite Aid’s financial restructuring process, this marks the third tranche of leases to be sold and follows a set of 92 store leases that became available in November. Ranging from 5,502 to 31,468 square feet, the leases are located in 11 states, including California, Connecticut, Maryland, Michigan, New Jersey, …

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Slim-Chickens
Company newsDevelopmentNewsRestaurantsVirginia

Slim Chickens Signs Franchise Deal for Five Locations in Virginia

by Hayden Spiess

Harrisonburg and Winchester Va. — Slim Chickens has signed a franchise deal for five new locations in Virginia. Franchisees Oubab and Lama Khalil of Khalil and Hamoudi S.L. Cos. will develop and operate the restaurants, which will be located in Harrisonburg and Winchester. Slim Chickens currently has more than 1,150 units in development. 

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DevelopmentNewsVirginia

Buc-ee’s to Develop 75,000-Square-Foot Super Center in Virginia

by Hayden Spiess

Mt. Crawford, Va. — An entity doing business as Buc-ee’s Mt. Crawford LLC has purchased 21.3 acres located on Frieden’s Church Road in Mt. Crawford for the development of a Buc-ee’s Super Center at the site. Nathan Shor and Larry Agnew represented the buyer in the $6.6 million transaction. Upon completion, the property will feature 75,000 square feet of retail space, as well as 120 fueling positions, electric vehicle chargers and parking for more than 650 cars. This will mark the second location in the state for the brand. 

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Merchants-Walk_Henrico
Grocery-anchoredInvestment salesNewsVirginia

Divaris Brokers $18.4 Million Sale of Merchant’s Walk Shopping Center in Metro Richmond

by Hayden Spiess

Henrico, Va. —Divaris Real Estate has brokered the $18.4 million sale of Merchant’s Walk Shopping Center, a 219,972-square-foot retail center located in Henrico, roughly 10 miles northwest of Richmond. Merchant’s Walk was 97 percent leased at the time of sale to 38 retailers. Food Lion, AutoZone and JoAnn Fabric and Craft anchor the property. Qi Lin purchased the 20-acre property from the undisclosed seller. John Madures of Divaris represented the buyer in the transaction. Qi Lin has retained Divaris to lease Merchant’s Walk, which has two retail availabilities. Divaris Property Management …

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Whole Foods
LeasingNewsVirginia

Whole Foods to Open 49,499-Square-Foot Store in Springfield, Virginia

by Hayden Spiess

Springfield, Va.  — Whole Foods Market will open a 49,499-square-foot store within Springfield Plaza, a 260,879-square-foot shopping center located in Springfield. The new store, a relocation of an existing Springfield store, will open in early October. The new space nearly doubles the footprint of the original Whole Foods, which has been operating for more than 25 years. Other tenants at Springfield Plaza include Trader Joe’s, CVS/pharmacy, Big Blue Swim, Party Depot, David’s Bridal, Starbucks Coffee, Chipotle Mexican Grill, Panda Express, Verizon Wireless, Inova, Phenix Salon Suites and Wells Fargo.

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Investment salesNewsVirginia

Joint Venture Acquires Shopping Center Portfolio in Virginia for $52.8 Million

by Hayden Spiess

Woodbridge, Va. — A joint venture between Ideal Realty Group, Rock Creek Property Group and The Sigmund Cos. has purchased a portfolio of four regional shopping centers in Woodbridge for $52.8 million. The properties total 470,000 square feet and include Center Plaza, Mapledale Plaza, Forestdale Plaza and Glendale Plaza, all of which are located within three miles of each other along Dale Boulevard. The centers were 90 percent leased at the time of sale to tenants including Giant Food, Truist Bank, CVS/pharmacy, Ace Hardware, Advance Auto Parts, Wells Fargo and Dollar …

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