{"id":1004715848,"date":"2024-06-04T03:09:15","date_gmt":"2024-06-04T11:09:15","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004715848"},"modified":"2024-06-04T03:35:05","modified_gmt":"2024-06-04T11:35:05","slug":"federal-realty-pays-215m-for-nova-retail-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/federal-realty-pays-215m-for-nova-retail-center\/","title":{"rendered":"Federal Realty Pays $215M for NoVa Retail Center"},"content":{"rendered":"\n

Federal Realty Investment Trust is acquiring the Virginia Gateway retail center in Gainesville, Va., for $215 million. The seller is Crow Holdings, a Federal Realty spokesperson told Commercial Property Executive<\/em>.<\/p>\n\n\n

\n
\"Aerial
Aerial image of Virginia Gateway. Image courtesy of Federal Realty Investment Trust<\/em><\/figcaption><\/figure><\/div>\n\n\n

With demographic depth and wealth surrounding the property in Prince William County, this oversized 110-acre hub at approximately 665,000-square-foot is considered irreplaceable regionally.<\/p>\n\n\n\n

Virginia Gateway is approximately 95 percent occupied and features strong tenant sales and high traffic counts in an affluent and growing market. <\/p>\n\n\n\n

Jeff Brown, founder & CEO of T2 Capital Management, tells CPE<\/em> that a purchase at this scale further helps to provide solid footing within the commercial real estate market at large.<\/p>\n\n\n\n

\n\n\n\n

READ ALSO<\/strong>: How Retail Properties Are Getting Greener<\/a><\/p>\n\n\n\n

\n\n\n\n

\u201cAlthough distressed situations\u2014primarily in the office market\u2014currently dominate headlines, it is well-located, prudently leveraged assets like Virginia Gateway that are quietly underpinning growth and a healthy transaction volume,\u201d Brown said. \u201cIt is reasonable to anticipate other grocery-anchored retail centers<\/a> like this will continue to thrive.\u201d<\/p>\n\n\n\n

Affluent customers, strong sales<\/h2>\n\n\n\n

Located just west of Loudoun County and about 35 miles from Washington, D.C., Gainesville\u2019s growing population is supported by an influx of higher-paying jobs. The average household income within a 3-mile radius of the property exceeds $184,000, surpassing the company\u2019s in-place portfolio average, according to a release.<\/p>\n\n\n

\n
\"Giant
Giant Food grocery-anchored shopping center at Virginia Gateway. Image courtesy of Federal Realty Investment Trust<\/em><\/figcaption><\/figure><\/div>\n\n\n

Additionally, Virginia Gateway has convenient access to the Dulles Technology Corridor, known for its concentration on defense contracting and tech jobs. It sits at the intersection of Route 29 and I-66.<\/p>\n\n\n\n

In 2023, the property ranked No. 3 in the state for annual visits, according to Placer.ai, just behind Tysons Corner.<\/p>\n\n\n\n

FRIT said the center\u2019s tenant sales are strong across categories, particularly in food and beverage.<\/p>\n\n\n\n

Virginia Gateway features a mix of tenants and experiences organized into five components, including a Giant Food grocery-anchored shopping center; the Promenade featuring national specialty retailers and dining options; a pedestrian-oriented Atlas Walk town center; Plaza I & II featuring major retailers like HomeGoods and Ulta Beauty; and Plaza IV, anchored by Total Wine & More and Hobby Lobby.<\/p>\n\n\n\n

The property benefits from shadow-anchors such as Lowe\u2019s, BJ\u2019s Wholesale Club and Super Target.<\/p>\n\n\n\n

Virginia Gateway has approximately 300,000 square feet of small shop space, which is expected to drive future growth.<\/p>\n\n\n\n

Federal Realty is a leading owner, operator and redevelopment firm of high-quality retail-based properties located in major coastal markets from Washington, D.C., to Boston, San Francisco and Los Angeles.<\/p>\n","protected":false},"excerpt":{"rendered":"

Virginia Gateway features strong sales and high traffic counts in an affluent market. <\/p>\n","protected":false},"author":3568,"featured_media":1004715865,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,11,21742,21749],"tags":[37358,33957,34603],"class_list":["post-1004715848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-midatlantic","category-latest","category-retail","tag-crow-holdings","tag-federal-realty-investment-trust","tag-t2-capital-management"],"acf":[],"yoast_head":"\nFederal Realty Pays $215M for NoVa Retail Center - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Federal Realty Investment Trust is acquiring the Virginia Gateway retail center in Gainesville, Va., from Crow Holdings for $215 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/federal-realty-pays-215m-for-nova-retail-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Federal Realty Pays $215M for NoVa Retail Center\" \/>\n<meta property=\"og:description\" content=\"Federal Realty Investment Trust is acquiring the Virginia Gateway retail center in Gainesville, Va., from Crow Holdings for $215 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/federal-realty-pays-215m-for-nova-retail-center\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-04T11:09:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-04T11:35:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/Va-Gateway-shops-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"802\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Richard Berger\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/federal-realty-pays-215m-for-nova-retail-center\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/federal-realty-pays-215m-for-nova-retail-center\\\/\"},\"author\":{\"name\":\"Richard Berger\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6d4c5f1b2f682b3604ad9fe73c19fed7\"},\"headline\":\"Federal Realty Pays $215M for NoVa Retail Center\",\"datePublished\":\"2024-06-04T11:09:15+00:00\",\"dateModified\":\"2024-06-04T11:35:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/federal-realty-pays-215m-for-nova-retail-center\\\/\"},\"wordCount\":433,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/federal-realty-pays-215m-for-nova-retail-center\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2024\\\/06\\\/Va-Gateway-shops-featured.jpg\",\"keywords\":[\"Crow Holdings\",\"Federal Realty Investment Trust\",\"T2 Capital Management\"],\"articleSection\":[\"Featured\",\"Investment\",\"Mid-Atlantic\",\"News\",\"Retail\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/federal-realty-pays-215m-for-nova-retail-center\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/federal-realty-pays-215m-for-nova-retail-center\\\/\",\"name\":\"Federal Realty Pays $215M for NoVa Retail Center - 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