MANASSAS, VA–The JCR Cos. has acquired the 101,990-square foot Center at Innovation for $31 million. The shopping center is shadow-anchored by a Super Target and is more than 90% leased to such tenants as TJ Maxx, PetSmart, Chick-Fil-A, Tropical Smoothie Café, GameStop, Verizon Wireless, and Red Robin.
The seller, EDENS, was represented by Holliday Fenoglio Fowler.
JCR plans to sell the three pad sites that are currently leased to Chick-Fil-A, SunTrust Bank, and Red Robin, and to fully lease the inline space. The company has already begun negotiations with potential buyers for the pad sites.
JCR's sweet spot is necessity-based retail. Last September it acquired Riverton Commons in Front Royal, Va., a 69,496-square foot shopping center that traded for $17.7 million from EDENS. Prior to that, it acquired another Manassas-area shopping center for $22.6 million, or $237 per square foot from a JV between Regency Centers and the Oregon Public Employees Retirement System.
“We are more bullish than ever on necessity-based neighborhood retail,” said JCR Principal Joe Reger in a prepared statement. “In fact, we hope to acquire over $100 million of retail property in the Washington, DC metropolitan region in 2018.”
Reger says that he likes the fundamentals and rapid growth rate of Manassas. Center at Innovation is JCR's ninth suburban retail center acquisition since 2012.
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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.
