Culpeper, Va. — Heidenberg Properties Group (HPG) has acquired Culpeper Colonnade in Culpeper, located midway between Charlottesville and Washington, D.C.
HPG bought the property from Regency Centers for $32.7 million. Martin’s Food Market, Dick’s Sporting Goods and PetSmart anchor the 307,000-square-foot shopping center. HPG plans to replace the center’s existing Staples location with a Michael’s store. The center, which is 100 percent occupied, also has Chick-fil-A, Panera Bread, Glory Days Grill, Chipotle Mexican Grill and IHOP as tenants. The property is shadow-anchored by a 127,000-square-foot Target. Since January 2017, Heidenberg Properties and its partners have acquired more than 900,000 square feet of retail.