FAIRFAX, VA., Jan. 29, 2020 – Peterson Companies announced today the acquisition of The Shops at Stonewall, a 322,000 square foot Wegman’s anchored shopping center in Gainesville, Virginia 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. An impressive roster of service-based tenants including Novant Health, SunTrust and Expedia CruiseShipCenters are complemented by a critical mass of sit-down, 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. "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 / U.S. 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.
About Peterson Companies
As one of the largest privately-owned real estate development companies in the DC region, Peterson Companies consistently delivers some of the area’s most exciting mixed-use retail, residential and commercial destinations. Over the past 53 years, Peterson has created such exceptional landmarks as National Harbor, Downtown Silver Spring, Fair Lakes, Fairfax Corner, and the Promenade at Virginia Gateway in Gainesville. With a proven ability to move quickly on opportunities to reshape and enhance local communities, the company creates vibrant residential and business districts that benefit all who live and work in our region. For more information about the Peterson Companies, please visit www.petersoncos.com.
Photos provided by The Peterson Companies.