Retail Rally!
The retail sector just produced two big Virginia deals, including one of the region's biggest transformations:
- VORNADO CHANGES
AND SELLS SPRINGFIELD TOWN CENTER
The firm announced yesterday it'll sell the soon-to-deliver (and renamed) 1.35M SF Springfield Town Center to PREIT for $465M, as soon as construction is finished—hopefully by the end of the year, Vornado says. The old Springfield Mall is being transformed by Vornado from the quintessential suburban mall into the quintessential transit-oriented town center. The firm's Bob Byrne and Michael Khouri say that Springfield Town Center is "the most significant retail development in the region."
- RAPPAPORT AND PRINCIPAL DO TWO DEALS
Gary Rappaport's gang announced big purchases last week, scooping up Toll Brothers' South Riding Market Square in Chantilly and Dominion Valley Market Square in Haymarket. Public records reveal the firm (which bought the assets in a JV with Principal Real Estate Investors) paid just over $91M for the two properties; the deals closed just before the end of 2013.
