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Broadstone Net Lease Buys Wegmans for $27M

STERLING, VA—The grocery store is also adding two locations in Northern Virginia, part of the slow-moving wave of amenities coming to corporate office locations.

By Erika Morphy | erikamorphy | | Updated on March 04, 2016
Wegmans in Alexandria, VA. Wegmans in Alexandria, VA.
STERLING, VA—Last month Broadstone Net Lease, a private, nontraded REIT based in Rochester, NY, acquired a property tenanted by Wegmans Food Markets via an UPREIT structure for $27 million, or $205 per square foot. Schostak Brothers & Co., a private developer in Livonia, MI, sold the property, located at 45131 Columbia Pl, in Sterling, VA. It has acquired it January 2006 for around $29 million, according to public records. It is a straightforward net lease deal and, for the most part, the story ends there. But it is worth noting the quiet creep of Wegmans in this part of Northern Virginia – a decidedly suburban corporate office enclave that has few amenities. Wegmans is developing at least two stores in the area and its presence has been eagerly seized upon by property owners who would like to see this area show a bit more life than just office properties. Goldstar CEO Michael Brodsky, is the latest example. He pointed to the new store Wegmans is building in the Commonwealth Centre at Westfields in a prepared statement discussing the company’s nearby office acquisition. Commonwealth Centre is a 100-acre mixed-use campus within the Westfields hub. Twenty-one acres within the campus has been rezoned and a Wegmans-anchored center is set to break ground in mid-2016. The privately-held, Gates, NY-based grocery chain, which at 88 or stores is a quite small compare to counterparts in this space, has a number of projects underway in the Mid-Atlantic. It has opening dates scheduled for stores this year in Midlothian, VA, Short Pump, VA, Owings Mills, MD and Charlottesville   VA. Besides the project in Chantilly, it is also planning to build a store in Tysons, with a delivery date to be announced.

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