CHARLOTTESVILLE, VA–New York City-based O'Connor Capital Partners has acquired the 265,000-square foot shopping center, The Shops at Stonefield, for $121.1 million from Edens.
The center is 89.9% leased to such retailers as Trader Joes, lululemon athletica, vineyard vines, Pottery Barn, Williams-Sonoma, Brooks Brothers, Orvis, bluemercury, and Regal Cinema. Meanwhile, L.L. Bean, has plans to move into 15,000 square feet at the center.
O'Connor is planning upgrades to the center to attract new retailers to the area.
The property is about two miles north of the University of Virginia located within a 43.5-acre, master-planned community in downtown Charlottesville. There is a recently completed 250-unit Stonefield Commons apartment complex nearby and 104 townhomes for sale currently under development at The Residences at Stonefield.
The Shops at Stonefield was completed in two phases between 2013 and 2016, with the 231,761 square-foot Town Center portion delivering in 2013, and the 33,422 square-foot Northside portion added in 2016. The Northside portion includes a Costco, which was not included as part of the acquisition.
Separately, an O'Connor affiliate recently entered into its second joint venture with Washington Prime Group. The JV gave O'Connor Mall Partners a 49% interest in seven of Washington Prime's open-air shopping centers, which were valued at about $600 million.
CHARLOTTESVILLE, VA–New York City-based O'Connor Capital Partners has acquired the 265,000-square foot shopping center, The Shops at Stonefield, for $121.1 million from Edens.
The center is 89.9% leased to such retailers as Trader Joes, lululemon athletica, vineyard vines, Pottery Barn, Williams-Sonoma, Brooks Brothers, Orvis, bluemercury, and Regal Cinema. Meanwhile, L.L. Bean, has plans to move into 15,000 square feet at the center.
O'Connor is planning upgrades to the center to attract new retailers to the area.
The property is about two miles north of the University of
The Shops at Stonefield was completed in two phases between 2013 and 2016, with the 231,761 square-foot Town Center portion delivering in 2013, and the 33,422 square-foot Northside portion added in 2016. The Northside portion includes a Costco, which was not included as part of the acquisition.
Separately, an O'Connor affiliate recently entered into its second joint venture with Washington Prime Group. The JV gave O'Connor Mall Partners a 49% interest in seven of Washington Prime's open-air shopping centers, which were valued at about $600 million.
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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.
