Peterson Cos. Sells Gainesville Portfolio for $208M

Virginia Gateway

GAINESVILLE, VA—A source tells GlobeSt.com that the Peterson Cos. has sold portions of its Virginia Gateway retail holdings as well as a medical office building in the submarket for a total of $208 million. The buyer of the five-asset portfolio, we were told, is Crow Holdings, a privately-held firm in Dallas, Texas that makes real estate investments on behalf of the Trammell Crow family and its investment partners. Peterson Cos. confirmed it has sold a portion of the Gateway project but would not comment on the buyer or purchase price. Crow Holdings was not able to immediately return an inquiry to GlobeSt.com. The retail properties are the Regal Stadium 14, located at 8001 Gateway Promenade Pl; Virginia Gateway Phase IV, located at 5153 Wellington Rd; Virginia Gateway Atlas Walk at 13256 Gateway Center Dr.; and the Virginia Gateway Phase I & II at 7453 And 7501 Linton Hall Rd. The medical office asset, the Virginia Gateway Professional Building, is located at 7500 Iron Bar Ln. The Peterson Companies began development on the Promenade at Virginia Gateway, a 300,000-square foot retail center surrounded by pedestrian-friendly streets and a dedicated events plaza, in 2011.  It began work on the earliest phases of Virginia Gateway, however, long before 2011. It will continue to manage the project under the new owners. “Over the past 20 years, Peterson Companies has transformed Virginia Gateway into the premiere commercial and social hub of western Prince William County,” Taylor O. Chess, president of Development at Peterson Cos., told GlobeSt.com. “Given the tremendous interest from the investment community for high-quality retail assets such as Virginia Gateway, the timing was right to extract some of the equity we created and to redeploy it to fund our active development pipeline and acquire new development opportunities throughout the region.”