A popular shopping center in Gainesville has a new owner.
The Shops at Stonewall, a 322,000 square foot Wegman’s anchored shopping center in Gainesville, was purchased by the Fairfax County-based Petersen Companies for $82.6 million.
The center is currently 100% occupied and is co-anchored by several prominent national retailers including Bed Bath & Beyond, Ross Dress for Less, Michaels and Dick’s Sporting Goods. Other tenants include Novant Health, SunTrust bank, and Expedia CruiseShipCenters. There is also quick-serve and fast-casual dining options including Moe’s Southwest Grill, Dunkin’, Jersey Mike’s and The Bone BBQ, among others.
“The acquisition of The Shops at Stonewall afforded us the opportunity to expand our footprint in a market we are very familiar with given our 20+ year history of developing retail, office and residential communities in Gainesville,” said Paul Weinschenk, President of Peterson Companies Retail Division in a press release. “This high quality asset in a highly desirable Northern Virginia submarket is consistent with our investment strategy.”
The 36-acre site is located on Lee Highway and Route 29 with 48,000 cars passing by daily. The property has an exceptionally strong demographic base with average household incomes of $134,000 and a growing population.
The seller was represented by R. William Kent, Executive Vice President and Ryan Sciullo, Senior Vice President with CBRE’s Washington, DC office.