Developed on spec, Rutherford Crossing quickly attracted Target and Lowe's Home Improvement as anchors. Since then, the duo developers have signed on the following companies to occupy space: McDonald's, Chic-Fil-A, Famous Footwear, Maurice's, Sleepy's, Hair Cuttery, Tropical Smoothie, Daily Grind, Jerry's Subs and Pizza and ProTel.
NVRetail president Jack Waghorn tells GlobeSt.com that with the space 46% committed, they will be concentrating on local, small shop tenants going forward. Asking rates for this space will be $30 per sf. "We are ahead of schedule in leasing space here," he says. The local market, he says, "has a healthy economy and is under retailed. We got a lot of interest from national credit tenants."
The center is located at the Interstate 81 and US Route 11 interchange. A new adjacent FEMA facility will open in March with 700 employees. Also, a one-million-sf FBI facility will be constructed nearby along with 2,600 new homes. George Z. Galloway and Ray Schupp of Next Realty Mid-Atlantic are leasing agents for the Rutherford Crossing.
With leasing in hand for Rutherford, NVRetail is turning its attention to its next wave of spec retail development: the firm is breaking ground on a 88,000-sf village town center in Lovettsville, VA, this year and a 140,000-sf shopping center in Richmond in 2009.
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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.
