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DevelopmentInvestment salesMixed-useNewsVirginia

Standard Real Estate Investments to Develop $650 Million Mixed-Use Project in D.C.

by Hayden Spiess

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 …

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Investment salesNewsVirginia

First National Realty Partners Acquires The Home Depot-Anchored Shopping Center in Metro Washington, D.C.

by Hayden Spiess

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.

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Grocery-anchoredInvestment salesNewsVirginia

ShopOne, Pantheon Acquire Shopping Center in Metro Washington DC

by Hayden Spiess

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.

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JCPenney
Company newsDelawareInvestment salesMarylandNew HampshireNew JerseyNewsVirginia

Copper Property Trust Sells Seven East Coast JCPenney Stores for $65.2 Million

by Hayden Spiess

Jersey City, N.J. — Copper Property CTL Pass Through Trust has sold seven JCPenney retail locations on the East Coast in three transactions totaling $65.2 million. The assets include stores in Delaware, Maryland, New Hampshire and Virginia. The buyers were not disclosed. Copper Property is a New York common law trust that was established to acquire 160 retail properties and six warehouse distribution centers from department store chain JCPenney as part of the retailer’s Chapter 11 reorganization plan. The stores are located at the following malls and shopping centers: Christiana …

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LeasingNewsVirginia

Planet Fitness to Open New Gym at Stony Point Village in Richmond, Virginia

by Katie Sloan

Richmond, Va. — Planet Fitness has leased 17,476 square feet at Stony Point Village, a 114,422-square-foot shopping center located at 3000-3096 Stony Point Road in Richmond. The fitness chain expects to open the new location, its fifth in the Richmond market, this winter. Nicki Jassy of Cushman & Wakefield | Thalhimer represented Planet Fitness in the lease negotiations. James Ashby IV, also with Thalhimer, represented the unnamed landlord. In addition to the new Planet Fitness, Stony Point Village’s tenant roster includes Trader Joe’s, Good Foods Grocery, Gelati Celesti and Einstein Bros. …

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Investment salesNewsVirginia

Cushman & Wakefield | Thalhimer Negotiates $4.6 Million Sale of Retail Strip Center in Hampton Roads

by Katie Sloan

Yorktown, Va. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has negotiated the sale of Boulevard Crossing, a 12,600-square-foot retail strip center located in the Hampton Roads city of Yorktown. An out-of-town 1031 buyer purchased the property from an entity doing business as Boulevard Crossing LLC for $4.6 million. Clark Simpson and Erik Conradi of Thalhimer represented the seller in the transaction. Built in 2016 at 8135 George Washington Highway, Boulevard Crossing was fully leased at the time of sale to tenants including Starbucks Coffee, Tropical Smoothie Café and Verizon …

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Investment salesNewsVirginia

Divaris Real Estate Arranges $5.5 Million Sale of Shopping Center in Suburban Richmond

by Katie Sloan

Colonial Heights, Va. — Divaris Real Estate has arranged the $5.5 million sale of Southpark Shopping Center in the Richmond suburb of Colonial Heights. John Madures of Divaris represented the buyer, Q&L Realty, in the transaction. The 34,705-square-foot retail center is located at 1829-1865 Southpark Blvd. Tenants at the time of sale included For Eyes, Party City and Landmark Financial. The new ownership plans to begin capital expenditures at the property, to include landscaping improvements, the addition of new signage and parking lot updates. 

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Wegmans Opens New 81,300-Square-Foot Grocery Store in Metro D.C., Two More Planned to Open

by Katie Sloan

Washington, D.C. — Wegmans is expanding in metropolitan Washington, D.C. In early May, the grocer opened an 81,300-square-foot store at 150 Stovall St. in Alexandria, Virginia, a store that anchors Stonebridge’s Carlyle Crossing mixed-use development. The Alexandria store opened earlier this month and is the 14th Wegmans in Virginia and 107th nationwide. The grocer also plans to open an 85,000-square-foot store within the Halley Rise development in Reston, Virginia, and an 84,000-square-foot store at the $640 million City Ridge development in northwest Washington, D.C. The City Ridge store will open in …

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Investment salesNewsVirginia

Sterling Sells Cheshire Station Shopping Center in Metro D.C. for $29.1 Million

by Katie Sloan

Dale City, Va. — Sterling Organization has sold Cheshire Station, a Safeway-anchored shopping center in the Washington, D.C., suburb of Dale City. Haverford Properties purchased the 105,054-square-foot shopping center for $29.1 million. Cheshire Station’s tenant roster includes Petco, AutoZone, GNC, Sprint, Starbucks Coffee, Sherwin-Williams and a Virginia ABC liquor store. CBRE brokered the transaction. Sterling sold the property along with Market at Opitz, another shopping center in Northern Virginia, for a combined sales price of $58.4 million.

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WestEnd-Alexandria
DevelopmentNewsVirginia

Joint Venture Demolishes Landmark Mall Outside Washington, D.C. for 4 Million-Square-Foot Mixed-Use Project

by Katie Sloan

Alexandria, Va. — Foulger-Pratt, The Howard Hughes Corp. and Seritage Growth Properties have broken ground on the 4 million-square-foot WestEnd Alexandria project with the demolition of Landmark Mall. The development is located roughly eight miles outside Washington, D.C., in Alexandria. Built in 1965 as an open-air shopping center, the 715,520-square-foot Landmark was converted to an enclosed shopping mall in 1990. The mall officially closed its doors in 2017 following Howard Hughes Corp.’s purchase of the former Macy’s store, but the Sears department store remained open until 2020.  Last year the Sears …

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