FRONT ROYAL, VA–The JCR Cos. has acquired a 69,496-square foot shopping center here for $17.7 million. EDENS was the seller of the center, called Riverton Commons and First Virginia Bank provided the financing. Riverton Commons is located on about 13 acres in a 500,000-square foot regional shopping center that is anchored by a 201,000-square foot Walmart Supercenter and a 134,000-square foot Lowe's Home Improvement Center.
Built in 2007, Riverton Commons is 85% leased to Valley Health Systems Urgent Care, Great Clips, Mattress Warehouse, Sweet Frog, Anytime Fitness, Hibbett Sports, and Tropical Smoothie Café.
Joe Reger, principal of JCR, calls such retail as necessity or experiential. It is worlds' away, he says, from fashion soft goods. He tells GlobeSt.com that the company plans to focus on leasing up the vacant 15% of the shoppong center and on the 20% of rents that are rolling over in 2018 and 2019.
It will also either develop or sell the property's five pad sites, two of which are vacant land. “We plan to get our hands dirty with the value add,” he says.
Riverton Commons is JCR's eighth shopping center acquisition since 2012. A few years ago the company began acquiring properties around the country but still has a concentration in the Washington DC metro area, he says.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
