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.
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.
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 …
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.
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 …