Fredericksburg Shopping Center Secures New Owner

FREDERICKSBURG, VA-The 102,000-sf Fredericksburg Shopping Center has found a new owner with McLean, VA-headquartered Weinstock Properties LLC’s recent acquisition of the retail destination from Boston-based Brookwood Strategic Partners Ltd. Partnership in an $8.5 million deal. Located halfway between Washington, DC and Richmond, VA on Jefferson Davis Hwy., the Fredericksburg Shopping Center is a grocery-store anchored strip mall that boasts Food Lion, Rite Aid pharmacy, Family Dollar and Wachovia Bank as tenants.

“We have completed our business plan for the property and, given the current low interest rate environment and the strong demand for grocery-anchored shopping centers, we determined it to be an opportune time to sell,” says Brookwood managing director Evelyn M. Murphy. Brookwood relied on Trammell Crow Co. to dispose of the shopping center, which was developed in the 1960s by the Silver Cos. At the time of the transaction, the property was leased to 93% capacity.