WOODBRIDGE — Station Plaza Shopping Center, home to Food Lion and B-Thrifty in Woodbridge, is up for sale.
Greysteel, a commercial real estate and capital markets services firm, is conducting the sale.
“The Food Lion renewal and strong per [square foot] sales indicate a healthy location and a buyer can reasonably expect a certain level of stability for many years,” states Greysteel director Benjamin Wilson in an email.
The property is valued at $7.5 million, according to Prince William County tax records. It last sold in 2015 for $11 million. The property sold for $19 million in 2008.
There is potential for redevelopment to an urban mixed-use project in the future.
“Additionally, the property presents a potential opportunity for future redevelopment. …Woodbridge has indicated this site is considered integral to the city’s redevelopment scheme for North Woodbridge and would like to see higher densities and a wider range of uses,” Wilson said.
The shopping center recently announced two new five-year lease renewals with its anchor stores, Food Lion and B-Thrifty. The center is fully leased.
Construction is underway on Route 1 near the shopping center to widen from four to six lanes. According to the Virginia Department of Transportation, Route 1 averages 38,000 vehicles per day within project limits and it’s projected to have traffic volume of 75,000 vehicles per day by the year 2036.
“We are not sure what the long-term impact of the VDOT will be. Naturally, traffic will increase but in the short term, the road has been torn up,” said Wilson.
Greysteel will conduct a call for offers on April 11, 2019.
“We anticipate strong interest,” said Wilson.
The shopping center, located at 13414 Jefferson Davis Highway, was built in 1979.
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