Sales  ·  Mixed Use

Kimco Realty Pays $173M for Stonebridge at Potomac Town Center

The company looks to expand the center with retail and multifamily


Kimco Realty has acquired Stonebridge at Potomac Town Center, a 504,000-square-foot grocery-anchored retail and residential complex in Woodbridge, Va., for $172.5 million.

The center was built by Washington, D.C.’s Roadside Development in 2007 and acquired by The JBG Companies in 2015 for $225 million, before it merged with Vornado Realty Trust to become JBG Smith in 2017.

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Stonebridge, which was 96 percent occupied at the time of the sale, is anchored by a 138,500-square-foot Wegmans and has a tenant roster that includes Apple, REI, Ulta Beauty, Starbucks, Cava and Firebirds Wood Fired Grill. It also has a 308-unit apartment building.

One appeal of the acquisition was that the center presents a variety of growth prospects, including the potential to develop three outparcel retail buildings, increase density through mixed-use development, and enhance the existing merchandising mix through the recapture of below-market leases, according to Ross Cooper, Kimco’s president and chief investment officer.

“We’re excited to add this premiere grocery-anchored center situated in a high barrier to entry location with strong demographics to our dynamic portfolio,” Cooper said in a prepared statement. “This center boasts a robust growth profile that will complement and solidify Kimco’s position as a leading retail player in the suburban Washington, D.C., market.”

Roughly 230,000 people with an average household income of $125,000 live within five miles of Stonebridge at Potomac Town Center, according to Kimco.

It was unclear who the brokers were in the deal.

Keith Loria can be reached at