PRINCE WILLIAM COUNTY, Va. — Two shopping centers in eastern Prince William County were acquired for $40 million.
The shopping plazas, Cheshire Station in Dale City and The Market at Opitz Crossing in Woodbridge, were purchased by Palm Beach, Fla.-based Sterling Value Add Partners. They were owned by Regency Centers, which owns the Shops at County Center at Prince William Parkway and Hoadly Road, Signal Hill Shopping Center in Manassas, and the Breamar Village Center in Bristow.
Both shopping centers that were purchased by Sterling are anchored by Safeway grocery stores.
More in an unedited press release issued by the Sterling company:
The two grocery-anchored shopping centers in the portfolio, Market at Opitz Crossing and Cheshire Station, are located about 4 miles apart from one another and approximately 20 miles southwest of Washington, D.C. in a densely populated area where the average household income in a three-mile radius exceeds $100,000. Market at Opitz Crossing is 155,758 square feet and is situated at the intersection of Jefferson Davis Highway (US-1) and Opitz Boulevard in Woodbridge, VA. Cheshire Station is 105,594 square feet and is located in the heart of Dale City, VA, at the intersection of Minnieville Road and Dale Boulevard. Anchored by PriceRite and Safeway respectively, the centers also house national retailers Petco, Starbucks, BB&T, Capital One, Advance Auto Parts, RadioShack, AutoZone, Sherwin Williams, GNC, and Hair Cuttery. The portfolio is currently 86% occupied.
“We are pleased to have closed on the purchase of this portfolio which is located in one of the strongest markets in the country. The combination of solid cash flow with the ability to add value fits perfectly into what we are trying to achieve through our current institutional fund,” said Brian Kosoy, President and CEO of Sterling Organization. “The professionalism and willingness of Regency’s team to work through what was ultimately a more complicated transaction than originally anticipated can’t go unmentioned. We are hopeful that this is the first of many transactions with the good folks at Regency.”
The acquisition nets the Sterling Value Add Partners a total of 261,235 square feet in retail space. The Washington, D.C. market, however, is not one of the company’s target markets, according to its website. Those markets include multiple cities in California and Florida, as well as Atlanta and Charlotte, N.C.
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