Virginia

JLL Arranges Sale of 202,578-Square-Foot Shopping Center in Danville, Virginia

by Hayden Spiess July 31, 2023

Danville, Va. — JLL Capital Markets has arranged the sale of Coleman Marketplace, a 202,578-square-foot shopping center located in Danville. Built in 2008, the property was 88 percent leased at the time of sale to tenants including Marshalls, Ross Dress for Less, Old Navy, Michaels, Burkes Outlet, Bath & Body Works and Rack Room Shoes. Tom Kolarczyk, Jordan Lex, Daniel Naughton and Steele Burkett of JLL arranged the transaction on behalf of the seller, Trimont Real Estate Advisors. PECK Properties represented the buyer, entities doing business as JMV SPE LLC, CV …

July 31, 2023

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Necessity Retail REIT Sells 44 Bob Evans-Leased Properties for $93 Million

by Hayden Spiess July 6, 2023

New York City — The Necessity Retail REIT Inc. (RTL) has completed the sale of 44 properties leased to Bob Evans restaurants for a total $93 million. The restaurants are located in Kentucky, Indiana, Ohio, Michigan, Delaware, Pennsylvania, Virginia, West Virginia and Maryland. “With this sale, we have intentionally reduced our total portfolio exposure to fast casual dining to less than 2 percent from 4 percent, based on annualized straight-line rent,” says Michael Weil, chief executive officer of RTL.

July 6, 2023

Investment sales News Virginia

Cushman & Wakefield | Thalhimer Brokers $8.2 Million Sale of Turnberry Crossing in Newport News, Virginia

by Hayden Spiess June 20, 2023

Newport News, Va. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has brokered the $8.2 million sale of Turnberry Crossing, a 53,775-square-foot retail center located in Newport News. Goodwill anchors the property, which was 95 percent leased to 17 tenants at the time of sale. Other tenants include Hertz, Papa John’s and DaaBIN Store. Catharine Spangler of Cushman & Wakefield | Thalhimer arranged the transaction on behalf of the seller, Stavins & Axelrod. Prudent Growth Partners acquired the property.

June 20, 2023

Development Investment sales News Virginia

Buc-ee’s to Open 75,000-Square-Foot Location in Metro Richmond

by Hayden Spiess June 20, 2023

New Kent, Va. —Buc-ee’s has purchased 27.7 acres off I-64 in the Richmond suburb of New Kent with plans to develop the brand’s first location in Virginia. Upon completion, the Buc-ee’s Super Center will comprise 75,000 square feet of retail space, 120 fueling stations, electric vehicle chargers and more than 650 parking spaces. Construction on the project is scheduled for completion within the next 24 months. Nathan Shor of S.L. Nusbaum Realty Co. represented both the seller and Buc-ee’s in the land acquisition.

June 20, 2023

Grocery-anchored Investment sales News Virginia

Cushman & Wakefield Brokers Sale of 56,900-Square-Foot Shopping Center in Metro Richmond

by Hayden Spiess June 2, 2023

Midlothian, Va. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has arranged the $4.9 million sale of Deer Run Village, a 56,900-square-foot shopping center located in Midlothian, roughly 15 miles outside Richmond. Food Lion anchors the property, which was fully leased at the time of sale. Catharine Spangler and Danielle Beckstoffer of Thalhimer represented the undisclosed seller.

June 2, 2023

Grocery-anchored Investment sales News Virginia

H.I.G. Realty Purchases $110 Million Shopping Center Portfolio in Metro Richmond

by Hayden Spiess May 30, 2023

Henrico and Midlothian, Va. — H.I.G. Realty Partners has purchased a shopping center portfolio for $110 million and formed a joint venture partnership with Rosenthal Properties and FarmViewVentures. Totaling 592,000 square feet, the portfolio includes Parham Plaza, Ridge Shopping Center and Staples Mill Square in Henrico, roughly 10 miles outside Richmond and Stonehenge Village Center in Midlothian, roughly 15 miles outside Richmond. The portfolio was approximately 95 percent leased at the time of sale to tenants including Wegmans, Walmart, The Fresh Market and Aldi. Todd Soloway, Danielle Schechner, Ari Tran, Benjamin …

May 30, 2023

Grocery-anchored Investment sales News Virginia

Legacy Brokers $6.7 Million Sale of Retail Center in Virginia

by Hayden Spiess May 23, 2023

Newport News, Va. — Legacy Realty Group Advisors has brokered the $6.7 million sale of Richneck Center, a 63,945-square-foot retail center located in Newport News, roughly 30 miles outside Norfolk. Food Lion anchors the property, which was 95 percent occupied at the time of sale. Jacob Baruch of Legacy represented both the buyer and seller in the transaction.

May 23, 2023

News Virginia Washington DC

Pine Tree Assumes Management of Two Retail Properties in Metro Washington, D.C.

by Hayden Spiess May 18, 2023

Burke, Va. and Washington, D.C. — Pine Tree has assumed management of two retail properties located in metro Washington, D.C. Assignments include Cityline at Tenley in Washington, D.C., and Burke Town Center in Burke, Virginia. The addition of these properties, both of which are owned by Invesco Real Estate, brings Pine Tree’s total portfolio to more than 100 shopping centers.

May 18, 2023

Development Leasing News Restaurants Virginia

JBG SMITH Signs 11 Tenants to Water Bar Project in Metro Washington, D.C.

by Hayden Spiess May 5, 2023

Arlington, Va. — JBG SMITH has signed 11 restaurant tenants to Water Park, a mixed-use development currently underway in National Landing in Arlington. Brij, Bubbie’s Plant Burger, Cracked Eggery, DC Dosa, Dolci Gelati, Falafel Inc., PhoWheels, Tiki Thai, Queen Mother’s will occupy 300-square-foot kiosks at the project. Additionally, culinary and creative group STHRN Hospitality will operate Water Bar and Crush Pizza at the property.

May 5, 2023

Development Investment sales News Virginia

WEDGE to Develop 6,500-Square-Foot Retail Strip Center in Mechanicsville, Virginia

by Hayden Spiess April 28, 2023

Mechanicsville, Va. — WEDGE Acquisitions LLC has purchased a 1.73-acre parcel in Mechanicsville for $690,000 for the development of a retail strip center. Upon completion, the property will comprise 6,500 square feet. Dunkin’ Donuts will anchor the center. Nathan Shor represented WEDGE in the transaction and Douglas Tice, III represented the seller, Lisa Waitman. It should be WEDGE, yes?

April 28, 2023

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