The JCR Companies has acquired the Center at Innovation in Manassas, VA for $31 million. The 101,990 SF shopping center, shadow-anchored by a Super Target, is over 90 percent leased to a mix of national, regional, and local tenants including TJ Maxx, PetSmart, Chick-Fil-A, Tropical Smoothie Café, GameStop, Verizon Wireless, and Red Robin. JCR plans to sell the three pad sites that are currently leased to Chick-Fil-A, SunTrust Bank, and Red Robin, and to fully lease the inline space. The new ownership already has begun negotiations with potential buyers for the pad sites.
The JCR Companies of Washington, DC has acquired Riverton Commons, a 69,496 square foot shopping center in Front Royal, VA, for $17,722,000.
Riverton Commons is located on about 13 acres at the highly traveled intersection of Interstate 66 and US Route 522. JCR plans to lease up the existing vacant space and either develop or sell the property’s five pad sites, two of which are vacant land.
Contrary to some predictions, e-commerce has not made brick-and-mortar retail a thing of the past. Instead, as attendees at a ULI Spring Meeting session learned, shopping and dining are making critical contributions to activating urban spaces and helping shopping centers continuously evolve. Retail center owner/operator Westfield has actually acquired an off-Broadway theater company to enliven the shopping experience, while Nordstrom excites customers with pop-ups featuring everything from Hermes to Kylie Jenner. Learn more from Leslie Braunstein’s article in Urban Land magazine.
The long-awaited opening of acclaimed True Food Kitchen in Bethesda, MD is scheduled for Wednesday, June 14, 2017. This sophisticated, healthy dining concept will occupy the entire 6,400 square foot retail space in Washington Property Company’s Solaire Bethesda luxury apartment community, which delivered in late 2016 and has been leasing rapidly.