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Investment salesNewsRetailersVirginia

SRS Negotiates Sale of 467,358-Square-Foot Retail Portfolio in Southeast

by Alex Tostado

Richmond, Va. — SRS’ Investment Property Group (IPG) has negotiated the sale of a four-property, 467,358-square-foot retail portfolio spanning four Southeastern states. Richmond-based Hackney Real Estate Partners acquired the portfolio, which comprises New Smyrna Beach Shopping Center in New Smyrna Beach, Florida; Marintown Plaza in North Augusta, South Carolina; Kings Fairground in Danville, Virginia; and a single-tenant building net-leased to The Home Depot in Dothan, Alabama. The sales price was not disclosed. The largest shopping center in the portfolio is Marintown Plaza, a 141,903-square-foot property that was fully leased at …

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Investment salesNewsRetailersVirginia

S.L. Nusbaum Negotiates Sale of 49,161-Square-Foot Retail Center in Norfolk

by Alex Tostado

Norfolk, Va. — S.L. Nusbaum Realty Co. has negotiated the sale of Little Creek Marketplace, a 49,161-square-foot retail property in Norfolk. SWNC I LLC, a retail real estate fund led by Shannon Waltchack, acquired the center for an undisclosed price. Little Creek Marketplace was 97 percent leased at the time of sale to tenants including Verizon Wireless, Navy Federal Credit Union, Applebee’s, Wing Stop, Fuddruckers, Cookies and Cakes of Virginia, Beltone, Leisure Dental, The UPS Store, Hair Cuttery and Great Clips. The property is situated at the intersection of Little …

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DevelopmentEntertainmentInvestment salesMallsNewsVirginia

VCC Partners, Shamin VCC Acquire Former Macy’s in Virginia, Plan to Redevelop into Sports Complex

by Alex Tostado

Glen Allen, Va. — VCC Partners LLC and Shamin VCC LLC have acquired a 109,813-square-foot former Macy’s within Virginia Commons Mall in Glen Allen for $2 million. The buyers plan to demolish the existing building and redevelop the nine-acre property into a sports arena that will include indoor event space, basketball courts and seating for 4,500 spectators. Demolition will begin by May. David Kalman of S.L. Nusbaum Realty Co. represented the seller, Impact Investments Group LLC, in the transaction.

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Company newsNewsRetailersVirginia

Hair Salon Retailer Ratner Cos. to Close More Than 80 Salons

by Alex Tostado

Vienna, Va. — The Ratner Cos., the parent company of salon concepts such as Hair Cuttery, Bubbles and Salon Cielo, plans to trim its 844-store portfolio by 10 percent. The company plans to maintain a presence in all existing markets as it looks to shift resources to its best-performing salons. Ratner Cos. cites “intense competition and rising operating costs,” as well as shifting consumer shopping methods, as the basis for its decision. The firm has engaged in discussions with landlords to renegotiate terms or exit some of its leases. In …

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Investment salesNewsRetailersVirginia

Divaris Brokers $21.8 Million Sale of Colonnades West Shopping Center Near Richmond

by Alex Tostado

Glen Allen, Va. — Virginia Beach-based Divaris Real Estate Inc. has brokered the $21.8 million sale of the Colonnades West shopping center located at 10931 W. Broad St. in Glen Allen. Quebec-based Colterra Capital Corp. purchased 136,082-square-foot shopping center situated 11 miles northwest of Richmond from Los Angeles-based PF Colonnades Corp. Read Goode and Cheryle Toy of Divaris represented the seller in the transaction. Located on 14.7 acres at the southwest corner of West Broad Street and Cox Road, the shopping center is located near Richmond’s Short Pump neighborhood and …

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DevelopmentGrocery-anchoredNewsRetailersVirginia

Wegmans to Develop $175 Million Distribution Campus in Hanover County, Virginia

by Alex Tostado

Ashland, Va. — Rochester, New York-based Wegmans Food Markets Inc. will invest $175 million to establish a new regional distribution operation in Hanover County, 13 miles northeast of Richmond. Located along Sliding Hill and Ashcake roads in Ashland, the new campus will allow the grocer to expand its distribution network on the East Coast and grow its retail footprint, while creating 700 new jobs. Wegmans currently has over 100 stores in New York, Pennsylvania, New Jersey, Virginia, Maryland, Massachusetts and North Carolina. No construction timeline was given for the new Virginia …

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Company newsGrocery-anchoredInvestment salesMarylandNewsRetailersVirginia

UNFI to Sell 13 Shoppers Food & Pharmacy Locations in Maryland, Virginia

by Alex Tostado

Maryland and Virginia — United Natural Foods Inc. (UNFI) will sell 13 of its 43 Shoppers Food & Pharmacy locations in a continued effort to reduce its retail footprint. The company will sell the stores to three grocery operators, which will run the stores under their respective banners. UNFI will also close four Shoppers Food locations by the end of January 2020. UNFI agreed to not renew three of the leases while the fourth lease will be canceled pursuant to agreement with the landlord. The four stores being closed are …

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Investment salesNewsRetailersVirginia

Cushman & Wakefield | Thalhimer Arranges $18.6 Million Sale of Bermuda Square Center in Metro Richmond

by Alex Tostado

Chester, Va. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has arranged the $18.6 million sale of Bermuda Square, an 84,064-square-foot retail center in Chester. The property, which sold for $221 per square foot to GBT Realty Corp., is located at 12607-12649 Jefferson Davis Highway, 13 miles south of Richmond. The shopping center includes two multi-tenant buildings and six single-tenant outparcels, as well as a six-acre pad site. At the time of sale, Bermuda Square was leased to 18 tenants, including PetCo, SunTrust Bank, Starbucks and Chipotle. Catharine Spangler …

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Investment salesNewsVirginia

Partnership Purchases Shopping Center in Centreville, Virginia for $55.4 Million

by Katie Sloan

Centreville, Va. — A partnership between Willard Retail, Declaration Partners and  Frankel Properties has acquired Old Centreville Crossing, a 171,631-square-foot, grocery-anchored shopping center in Centreville, seven miles west of Fairfax, Virginia. The partnership purchased the property for $55.4 million from JBG Smith, a REIT based in Chevy Chase, Maryland. The partnership plans to complete minor renovations to the center. Old Centreville Crossing is located at 13810-13860 Braddock Road and situated on 16 acres along U.S. Route 29. Spa World and Korean-American supermarket chain H-Mart anchor the asset.

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Investment salesNewsVirginia

KLNB Arranges $21 Million Sale of Maplewood Center in Manassas, Virginia

by Katie Sloan

Manassas, Va. — KLNB has arranged the $21 million sale of Maplewood Center, a 135,674 square-foot grocery-anchored retail center located at 8300-8370 Centreville Road in Manassas. Andy Stape, Vito Lupo and Stephen Porter of KLNB’s Retail Investment Sales Group represented the undisclosed seller and procured the unnamed purchaser for this transaction. Anchored by Megamart Supermarket, a Mid-Atlantic supermarket chain, Maplewood Center was 98 percent leased at the time of sale. Other notable tenants include Dollar General, McDonald’s, Popeyes and Pizza Hut.

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