Federal Realty Investment Trust has acquired Virginia Gateway, a 665,000-square-foot retail center spanning 110-acres in Gainesville, Va., for $215 million. The property is approximately 95% occupied.
In 2023, Virginia Gateway ranked third in the Commonwealth for annual visits, according to Placer.ai, just behind Tysons Corner. The high traffic volumes drive strong tenant sales at the property across categories, but particularly in food and beverage.
Virginia Gateway is organized into five components that include the Giant Food grocery-anchored shopping center; the Promenade featuring national specialty retailers and dining options; the pedestrian-oriented Atlas Walk town center; Plaza I & II which houses major retailers like HomeGoods and Ulta Beauty, and; Plaza IV anchored by Total Wine & More and Hobby Lobby.
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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.
