Gainesville, Va. — Inland Private Capital Corp. (IPC) has finalized the sale of a single-tenant property in Gainesville, a western suburb of Washington, D.C., to an undisclosed buyer. IPC completed the sale through a subsidiary on behalf of its 1031 investment program, DC MSA Retail DST. Comprising 76,267 square feet, the single-story building is 100 percent leased to BJ’s Wholesale Club, a membership-only warehouse club chain. IPC acquired the property in 2012.
Chester, Va. — GBT Realty Corp. has sold a part of Bermuda Square, a 136,000-square-foot retail center located in Chester, roughly 15 miles outside Richmond. GBT, which acquired the property in 2019, sold a portion comprising 77,850 square feet to a private investor in a $36.5 million transaction. Jordan Lex and Brad Peterson of JLL represented GBT in the sale. The center is fully leased to tenants including Hobby Lobby, Aspen Dental, Sleep Number, Raising Cane’s Chicken Fingers, Little Casesars and Domoishi.
Springfield, Va. — A 32,000-square-foot LEGO Discovery Center is scheduled to open next summer at Springfield Town Center in Springfield. Designed for families with children ages 2 to 12, the Discovery Center will feature interactive activities, workshops and play. Experiences will include a digital “Space Mission,” wherein children and families can build — and then digitally scan and fly — space rockets. Offerings will also include a preschool-focused LEGO DUPLO area tailored to younger children. Of the addition of the LEGO location to Springfield Town Center, Joseph Coradino of the …
Phoenix and Virginia Beach, Va. — Red Mountain Group has sold two single tenant net lease properties for a combined $3.2 million. Rolberto’s Tacos — a drive-thru restaurant located at Cave Creek Road in Phoenix — was sold to entities doing business as KDD63 LLC and Cave Creek DT LLC for $1.1 million. The other property, a Kentucky Fried Chicken in Virginia Beach, Virginia, was sold for $2.1 million to Hilda and Terrence McPherson. Red Mountain Group was represented by Kenneth James Realty in the first transaction and by The …
Leesburg, Va. — Rappaport has signed five new tenants to Village at Leesburg, a 550,593-square-foot shopping center located in Leesburg. Rappaport owns, manages and leases the property, which houses more than 75 tenants, including anchors Wegmans, CMX Cinemas, LA Fitness and Bowlero. New tenants include Spitz, a Mediterranean restaurant concept; Altitude Trampoline Park, an entertainment venue with more than 80 locations; Anchor Bar, a wings restaurant concept with more than 50 locations; A Place to Be, a nonprofit based in Middleburg, Virginia, that offers art and music therapy programs; and …
Lynchburg, Va. — Cushman & Wakefield | Thalhimer has brokered the $4.6 million sale of Shops at Phillips Circle, a retail strip center located at 19399 Forest Road in Lynchburg. Built in 2018, the center was fully leased at the time of sale to tenants including Starbucks Coffee, East Coast Wings and Nothing Bundt Cakes. The Charles and Margaret Levin Family LP based in Washington, D.C., purchased the property from Riverbend Development. Catharine Spangler, John Pritzlaff and Jenny Stoner of Thalhimer represented the seller in the transaction.
Virginia Beach, Va. — Matthews Real Estate Investment Services has brokered the sale of a 13,225-square-foot store located at 1701 Independence Blvd. in Virginia Beach. The single-tenant property was leased to CVS/pharmacy at the time of sale. Preston Schwartz and Chad Kurz of Matthews represented the private seller in the transaction. Jason Maier of Stan Johnson Co. represented the undisclosed buyer, which acquired the property for $10.6 million. CVS/pharmacy has a little over 12 years remaining on the lease.
Washington, D.C. — Standard Real Estate Investments LP, a minority-owned national real estate investment and development firm with offices in Washington, D.C., and Los Angeles, has purchased the Senator Square and East River Park shopping centers in northeast Washington D.C. The centers span 13 acres and are entitled and programmed for a $650 million mixed-use redevelopment that will bring 1,500 residential units — including approximately 300 affordable housing units — and 120,000 square feet of retail space to D.C.’s Northeast Heights district. National Housing Trust is developing 110 of the …
Manassas, Va. — First National Realty Partners LLC has acquired Promenade at Manassas, a 287,000-square-foot shopping center that was built in 1995 in Manassas. A 107,000-square-foot The Home Depot anchors the property, which is situated 31 miles west of Washington, D.C., at the intersection of I-66 and Sudley Road. Other tenants include a 43,000-square-foot Oh! Market, as well as Ashley Home Furniture, Planet Fitness, The Tile Shop and Sherwin-Williams. Ryan Sciullo of CBRE represented the undisclosed seller in the transaction.
Woodbridge, Va. — ShopOne Centers REIT Inc., in a joint venture with Pantheon, has acquired Lake Ridge Commons, a 74,367-square-foot shopping center located in Woodbridge, roughly 20 miles south of Washington, D.C.. Anchored by a 52,706-square-foot Giant Food, the center is also home to tenants including Banfield Pet Hospital and YogaSix.
