Fairfax, Va. — Federal Realty Investment Trust has announced plans to renovate Pan Am Shopping Center, a 228,000-square-foot retail center located in Fairfax. Scheduled to begin later this month, the project will include new paint, canopy ceiling and lighting, façade upgrades and the addition of two trellis features with new furniture, landscaping and signage. Federal Realty acquired the property, which was originally built in 1979, in 1993. Tenants at the center include Safeway, Microcenter, Michaels, Glory Days Grill, L’Image Beauty, Starbucks Coffee and CVS/pharmacy.
Virginia Beach, Va. — Virginia Beach-based Divaris Group has acquired S.T. Burke Retail Partners, a retail tenant representation and corporate services company founded in 2014. As part of the acquisition, Sean Burke, founder of S.T. Burke, will join Divaris as principal, national retail markets and retail corporate services. Burke’s tenure in the field includes experience representing brands including Punch Bowl Social, Wagamama, Voicebox Karaoke, Paladar Latin Kitchen, Bomba Taco Bar, Tin Shop Restaurant Group, Gap, Banana Republic, Old Navy, DSW, Urban Outfitters, Anthropologie, Free People, Terrain, Carhartt and Paper Source. Burke …
Chesapeake, Va. — Dollar Tree Inc. (NASDAQ: DLTR) has announced a formal review of its Family Dollar business segment, including the possibility of selling, spinning off or otherwise disposing of the brand. In March, Dollar Tree announced the closure of 1,000 stores nationally, roughly 970 of which were underperforming Family Dollar stores. Additionally, Dollar Tree recently acquired designation rights for 170 former 99 Cents Only store leases. “Dollar Tree has been on a multi-year journey to help the company fully achieve its potential,” says Rick Dreiling, chairman and CEO of Dollar …
Gainesville, Va. — Federal Realty Investment Trust has acquired Virginia Gateway, a 665,000-square-foot retail center situated on 110 acres in Gainesville. The purchase price was $215 million. Tenants at the property, which is organized into five sections and was 95 percent occupied at the time of sale, include Giant Food, HomeGoods, Ulta Beauty, Total Wine & More and Hobby Lobby.
Chesapeake, Va. — Dollar Tree Inc. has acquired designation rights for 170 leases of 99 Cents Only Stores, following the latter’s Chapter 11 bankruptcy filing. 99 Cents Only Stores filed for bankruptcy in April and is disposing of its assets — including inventory, owned real estate and store leases — as part of the process. Dollar Tree acquired the leases, as well as the North American intellectual property of 99 Cents and select onsite furniture, fixtures and equipment, in two separate transactions this month. “This was an attractive opportunity to secure …
Waynesboro, Va. — Legacy Realty Group Advisors has brokered the $3.9 million sale of Hopeman Shopping Center, a 46,872-square-foot retail center located in Waynesboro. Food Lion anchors the property, which was 92 percent leased at the time of sale. Jacob Baruch and Ari Warshaw of Legacy represented both the buyer and seller in the transaction.
Richmond, Va. — Continental Realty Corp. (CRC) has acquired Gayton Crossing, a 160,830-square-foot retail center located in Richmond. Tenants at the property, which was developed in 1981, include Bank of America, GOLD’S Gym, Goldfish Swim School, Jos. A. Bank, KidStrong, Starbucks Coffee, Virginia ABC and The UPS Store. Kroger shadow anchors the center, which is situated on a 15.6-acre site within 15 miles of the University of Richmond and Virginia Commonwealth University. CRC purchased the property with funds from the Continental Realty Opportunistic Retail Fund I LP (CRORF), a closed-end fund. …
Petersburg, Va. — The City of Petersburg has selected Bruce Smith Enterprise and The Cordish Cos. to co-develop a $1.4 billion gaming and entertainment district in Petersburg, roughly 24 miles south of Richmond. The Petersburg City Council unanimously approved the joint venture partnership, which responded to a request for proposal (RFP) issued by the city, as the preferred development partner on the mixed-use project. Upon completion, Live! Casino & Hotel Virginia will comprise more than 400,000 square feet of gaming, hospitality and dining space, as well as 35,000 square feet of …
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 …
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.