North Stafford’s Brafferton Center Sells for $22.3 Million
– September 2, 2014 5:30 am
NORTH STAFFORD, Va. – That shopping center you drive by on Garrisoville Road — you know the one with Sport and Health gym, restaurants like Mainstreet Grill and Bar, and North Stafford’s late-night staple Dunkin Donuts – we bet you didn’t know it was called Brafferton Center. We also be you didn’t know it just sold for $22.3 million.
Mosaic Realty Partners, based in Baltimore, bought the new center. We were tipped off to the sale in the press release from Larry Lichtenauer, president of Lawrence Howard & Associates, Inc., in which this information was included:
Located at the intersection of Garrisonville Road (Route 610) and Brafferton Boulevard, the retail center is currently 98% occupied and anchored by Sport & Health, a health and fitness club which occupies approximately 50% of the project. Additional tenants include Dunkin’ Donuts, Massage Envy, Avis Car Rental and Sweet Frog. The center is within close proximity to North Stafford Plaza, Walmart, Target and Lowe’s Home Improvement and is less than one mile from the Garrisonville Road exit of Interstate 95.
Brafferton Center is comprised of a retail strip of stores containing approximately sixteen separate retailers, as well as two free-standing out parcels that house an additional eight retailers. Approximately 70,000 consumers and 23,000 households reside within a five-mile radius of the project with an average household income of more than $112,000.
“Brafferton Center is positioned within a high density residential section of Stafford County, and the entire retail group has established a loyal and consistent consumer following in the community,” explained Neil Markus, Principal of Finmarc. “The new owner acquired an excellently-maintained and visible asset contained within an environment that features among the most recognizable retail brands in the country.”
“Our team was able to identify a number of viable buyers for this asset with Mosaic Realty Partners, a locally-owned and managed real estate company, emerging as the most suitable purchaser,” stated Mat Adler, of the KLNB Retail Investment Sales Group. “This property, which represents the firm’s initial acquisition in the Virginia area, complements the company’s existing portfolio.”
The photo we used in this post is, we’ll admit, kind of polished, but we used it anyway since we don’t have a file photo of Brafferton Center. It was also submitted to us by Lichtenauer.