110-Acre Retail Property Sells for $215M in Northern Virginia
Virginia Gateway features 665,000 square feet of grocery-anchored shopping space
By Greg Cornfield June 5, 2024 3:40 pm
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The owner of a 110-acre shopping center with 665,000 square feet of retail space in Northern Virginia has unloaded the asset for $215 million, the buyer announced.
Crow Holdings sold the Gainesville property named Virginia Gateway to Federal Realty Investment Trust (FRT). Crow had acquired the asset for $208 million about eight years ago.
Virginia Gateway is approximately 95 percent occupied and benefits from strong traffic counts, FRT said. The property ranked third in Virginia for annual visits in 2023, according to Placer.ai.
The Gainesville shopping center is about 30 miles west of Alexandria, just off the junction of Route 29 and Interstate 66.Tenants include Giant Food grocery store as the anchor, along with HomeGoods and Ulta Beauty, Total Wine & More and Hobby Lobby. The promenade features national specialty retailers and restaurants.
“A retail property of this size and scale, located in an affluent trade area at a heavily trafficked interchange, is not reproducible in today’s market environment,” Jeff Berkes, president and chief operating officer of Federal Realty, said in a statement. “With the addition of this highly productive regional center, Federal Realty’s Northern Virginia portfolio grows to 3.6 million square feet, solidifying our presence in this thriving region.”
Bethesda, Md.-based FRT was founded more than 60 years ago. The company said it operates 102 properties with 26 million square feet of commercial space, and approximately 3,100 residential units.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
