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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
