Joint Venture Buys 4 Woodbridge Shopping Centers For $52.8M
Four shopping centers in Woodbridge, Virginia, are under new ownership.
A venture composed of affiliates of Ideal Realty Group, Rock Creek Property Group and The Sigmund Cos. purchased Center Plaza, Mapledale Plaza, Forestdale Plaza and Glendale Plaza for $52.8M, according to a press release.
The properties, which were previously owned by an affiliate of Interstate Management Inc., are less than 3 miles apart along Dale Boulevard and have a combined 470K SF of retail over 70 acres.
Center Plaza and Forestdale Plaza were constructed in the 1970s, and Mapledale Plaza and Glendale were constructed in the 1990s, according to LoopNet. They were all built by the original developer of Dale City, Cecil D. Hylton.
The properties are 90% occupied, according to the release, with tenants including Truist Bank, CVS, Ace Hardware, Advance Auto Parts, Wells Fargo, and Dollar General. Supermarket chain Giant Food has stores at both Center Plaza and Mapledale Plaza.
The acquisition comes with a multimillion-dollar renovation plan for the properties, set to commence in the first quarter of 2024, including upgrades to facades, security, common spaces and parking lots.
“The hybrid work environment is here to stay, and neighborhood retail centers are a direct beneficiary of this mega trend,” Rock Creek Property Group principal Gary Schlager said in the release. “Our partnership is very fortunate to have found such a critical mass of well-located centers which should see increasing demand from both retailers and customers in the future.”
Mid-Atlantic brokerage firm KLNB will lease the retail, and The Shopping Center Group will manage the properties.
