New York-based mostly Kimco Realty has obtained Stonebridge at Potomac Town Centre in Woodbridge, Virginia from JBG Smith for $172.5 million, with strategies to broaden what is previously 1 of the greatest open-air buying facilities in the D.C. area.
New York-based Kimco Realty has obtained Stonebridge at Potomac Town Centre in Woodbridge, Virginia, from JBG Smith for $172.5 million, with designs to broaden what is already 1 of the biggest open-air searching centers in the D.C. location.
It is the priciest retail true estate deal in the D.C.-region market place this calendar year, in accordance to CoStar information.
The 500,000-sq.-foot, combined-use advancement, just off Interstate 95 at Dale Blvd, was constructed in 2007. JBG Smith obtained it from its unique developer in 2015.
Stonebridge at Potomac City Centre features hundreds of residences, two dozen merchants, which includes Wegmans, Barnes & Noble, REI, an Apple retailer and Alamo Drafthouse, and two dozen places to eat. A Crumbl Cookies store opens next thirty day period.
It also hosts regular functions, which includes dwell concerts and community gatherings. Its Fall Festival and Chili Cook dinner-off is Sept. 9.
The acquisition offers several possibilities for growth, Kimco mentioned, such as establishing three outparcel retail buildings and expanding density by means of combined-use advancement.
The searching heart is 96% leased.
Kimco calls the property a premiere retail heart with potent demographics. The typical home profits inside of a five-mile travel is $125,000.
“We are thrilled to increase Stonebridge at Potomac City Middle, a premier grocery-anchored center positioned in a large barrier-to-entry area,” stated Kimco president and main financial commitment officer Ross Cooper. “This heart boats a sturdy growth profile that will enhance and solidify Kimco’s placement as the top retail player in the suburban Washington, D.C. market place.”
Kimco owns a lot more than 520 procuring centers totaling 90 million square ft. It has 15 purchasing facilities in its D.C.-region portfolio, such as Pentagon Centre, Potomac Run Plaza and Dulles Town Crossing.
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