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DevelopmentMixed-useNewsVirginia

Bruce Smith Enterprise, Cordish Cos. Propose $1.4 Billion Mixed-Use Casino Development in Petersburg, Virginia

by Hayden Spiess

Petersburg, Va. — Bruce Smith Enterprise and The Cordish Cos. have responded to a request for proposal issued by the City of Petersburg with plans to co-develop a $1.4 billion mixed-use project. Plans call for a gaming and entertainment district anchored by a Live!-branded casino and hotel. The project site is located at the intersection of Wagner Road and I-95 in Petersburg, about 24 miles south of Richmond. The partners intend to quickly open an initial Phase I casino within a year to begin creating jobs, vendor opportunities and economic benefits …

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Investment salesNewsNorth CarolinaVirginia

Graystone Arranges $12 Million Sale of 7-Eleven Portfolio in North Carolina and Virginia

by Hayden Spiess

Newport Beach, Calif. — California-based Graystone Capital Advisors has arranged the $12 million sale of a portfolio of 7-Eleven properties located throughout North Carolina and Virginia. A Texas-based developer sold the portfolio, which comprises seven newly constructed stores. 7-Eleven occupies the properties on 15-year leases. Shannon Bona and Julius Swolsky of Graystone represented the 1031-exchange buyer in the transaction. 

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Haymarket Village Center
LeasingNewsVirginia

Three Tenants to Join Haymarket Village Center in Virginia

by Hayden Spiess

Haymarket, Va. — Three new tenants have signed leases at Haymarket Village Center, a 256,856-square-foot retail center located in Haymarket, roughly 38 miles west of Washington, D.C. The leasing deals with Cin Dental (1,824 square feet), Nova Patient Care (1,600 square feet), and BeBop (1,575 square feet) bring the retail center to full occupancy. First National Realty Partners (FNRP) is the landlord. FNRP has also secured lease renewals with six existing tenants, including Divine Nail Spa, Jersey Mike’s Subs, Starbucks Coffee, Smoothie King, Sports Clips and Verizon. 

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DevelopmentEntertainmentNewsVirginiaWashington DC

JBG Smith Announces Cancellation of 9 Million-Square-Foot Potomac Yard Entertainment District in Metro D.C.

by Hayden Spiess

Alexandria, Va. — JBG Smith has announced the cancellation of Potomac Yards, an entertainment district project that would have comprised 9 million square feet within the National Landing neighborhood in Alexandria, roughly eight miles south of Washington, D.C. A partnership between the developer and Monumental Sports & Entertainment (MSE) first proposed the development — which would have been anchored by a new arena for the NHL’s Washington Capitals and NBA’s Washington Wizards — in December of last year. Completion of the project, including a global corporate headquarters for MSE, a media …

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Slim-Chickens
Company newsNewsRestaurantsVirginia

Slim Chickens Signs 25-Unit Franchise Deal in Virginia

by Hayden Spiess

Fayetteville, Ark. — Fast-casual brand Slim Chickens has signed a franchise deal for the development of 25 new restaurants in Virginia. Mid-Atlantic Restaurant Group (MARG) will own and operate the units. MARG’s existing franchise portfolio in the state includes Subway, Tropical Smoothie, Dunkin’ Donuts and Fuzzy’s Taco Shop restaurants. The first new Slim Chickens is scheduled to open this year. 

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Company newsNewsVirginia

Dollar Tree to Close 1,000 Stores Nationwide

by Hayden Spiess

Chesapeake, Va. — In its fourth-quarter fiscal 2023 results released today, Dollar Tree Inc. (NASDAQ: DLTR) announced that it plans to close approximately 970 underperforming Family Dollar stores. In addition, Chesapeake-based Dollar Tree identified approximately 30 underperforming Dollar Tree stores for closure. Roughly 600 Family Dollar stores are slated to close in the first half of fiscal 2024, with about 370 Family Dollar locations and the 30 Dollar Tree locations set for closure at the end of each store’s current lease term. Years of mismanagement and poor conditions in stores have …

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Central Crossing
Grocery-anchoredInvestment salesNewsVirginia

Legacy Brokers $10.9 Million Sale of Retail Center in Richmond, Virginia

by Hayden Spiess

Richmond, Va. — Legacy Realty Group Advisors has brokered the $10.9 million sale of Central Crossing, a retail center located in Richmond. Food Lion anchors the property, which totals 70,178 square feet. Jacob Baruch of Legacy represented both the buyer and seller in the transaction. 

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Parkside-Marketplace_Richmond-Va
Investment salesNewsVirginia

Northpond Acquires 52,948-Square-Foot Retail Center in Richmond, Virginia

by Hayden Spiess

Richmond, Va. — Northpond Partners has acquired Parkside Marketplace, a 52,948-square-foot retail center in Richmond. The $17.4 million purchase marks the first acquisition for Northpond’s new $200 million investment vehicle, which is focused on retail centers in the Southeast and select Sunbelt markets. Tenants at the center, which was 98 percent leased at the time of sale, include West Marine, Five Guys, AT&T and M&T Bank. Catherine Spangler and Richard Thalhimer of Cushman & Wakefield | Thalhimer represented the seller, Stavins & Axelrod, in the transaction. 

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LeasingNewsVirginia

Two New Tenants Sign Leases at Merchants Walk Shopping Center in Richmond, Virginia

by Hayden Spiess

Richmond, Va. — Two new tenants have signed leases at Merchants Walk Shopping Center in Richmond. The Ice Cream Shop and The Hair Braiding Salon will occupy 1,368 and 980 square feet at the property, respectively. Divaris Real Estate manages and leases the property, which was acquired by a local private investor for $18.4 million in September 2023. Other tenants at the property, which totals 219,972 square feet, include Food Lion, AutoZone and JOANN Fabric and Craft Store. The center is now 99 percent leased.

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LeasingNewsVirginia

Two Tenants Sign Leases Totaling 8,625 Square Feet at Dulles Town Center in Virginia

by Hayden Spiess

Sterling, Va. — Two new tenants have signed leases at Dulles Town Center, a shopping mall located in Sterling. Sushi King is scheduled to open a 7,825-square-foot restaurant at the property in the second quarter of this year. Lit4Luv will also join the mall, with the custom candle retailer scheduled to open an 800-square-foot store next month.  Other tenants at Dulles Town Center include Macy’s, JCPenney, LA Fitness, Regal Dulles Town Center 10 and Dick’s Sporting Goods. 

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