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Plans for the 35-acre Midlothian
Town Center include a selection of
nationally- and locally-owned retailers and restaurants.
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Virginia
Retail Development Continues to be Brisk
RICHMOND, VIRGINIA – If you build it, they will come. This was the motto
for the retail sectors of central and western Virginia in 2007 as evidenced by the vigorous activity
in the Richmond office of Divaris Real Estate, Inc.
(DRE). Their year was occupied with the leasing of several new
mixed-use and lifestyle projects, and so far, 2008 is proving to be an active
year as well.
“Development during 2007 was
brisk, with the majority of projects pre-leased before completion,”
said Senior Vice President Brett Womack, of DRE’s Richmond office. “And
we don’t anticipate too much of a slowdown with well located new
centers. Developers of these projects will continue on because of
existing demand and the built-up population around these centers.”
Major developments are being planned
and constructed in waves, and retailers are eager to join these big
box-anchored centers. This is evident in a number of the projects that
Divaris is exclusively leasing, such as Waynesboro Town Center. Formerly an outdoor outlet mall, the Collet
& Associates project was redeveloped into a 400,000-square-foot town
center located at the intersection of Interstate 64 and Rosser Avenue in the town of Waynesboro, midway between Harrisonburg and Charlottesville, Va.
A string of big boxes – Target, PetSmart and Michael’s –
have joined Waynesboro Town Center since its opening
in October 2007. And other national retailers, Bed Bath & Beyond,
Books-A-Million, Ross Dress for Less and Kohl’s are following suit
during the second phase that will open in spring 2008.
According to Womack, retailers have
been looking at new developments in the western Virginia market to
“capture their customers within a 15- to 20-mile driving radius.
For the retailers we represent, it just makes sense to look at these trade
areas.”
Last year, DRE had significant success
with its retail tenant representation clients, finding western Virginia locations for them in new retail destinations
in Christiansburg and Lynchburg, in addition to Waynesboro. “It
was a spectacular year for development and leasing for the retailers we
represent in the western markets,” says Debbie Wake, senior vice
president of retail leasing and sales for Divaris Real Estate’s Richmond office.
“The year has been a huge success.”
Like-wise, the central Virginia market
had a large amount of square footage in the pipeline. Situated on
Route 250, less than one mile from Interstate 64 and Route 288 in Henrico
County, is the 40-acre, mixed-use development called Towne Center West in
Short Pump. Upon completion, it will be comprised of over 150,000
square feet of shops; office buildings; restaurants; residential; and a
260-room, full-service Hilton Hotel.
“The small shop space was
delivered in mid-2007 and Ethan Allen opened in March,” said Wake, who,
together with Assistant Vice President Brenda Martin, is leasing the retail
space and the outparcels for the developer of Towne Center West, The Breeden
Company of Virginia Beach.
“We have just completed
construction of an additional 130 luxury apartments and are planning to start
construction on a parcel that will include first-floor retail, with high-end
apartments just above, to be delivered in 2009,” Wake adds.
On a strategically located, 80-acre
site at the intersection of Midlothian Turnpike and Chippenham Parkway in
Chesterfield County, Chippenham Place is planned where Cloverleaf Mall once
stood. Construction of the mixed-use Crosland LLC signature project
should begin in early 2009. Kroger, one of the nation’s largest
grocery retailers that averages 73,000 square feet per location, plans to
develop their largest store in the Richmond market at 120,000 square
feet. DRE Principal John Wingfield, Womack and Kent Cardwell, retail
sales and leasing agent, are responsible for the leasing of Chippenham Place for Crosland. Womack and Cardwell are
responsible for introducing this mixed-use opportunity to Crosland, which has
involved over two years of collaboration between the developer and Chesterfield
County.
Rutland Commons, another Crosland
development, is being leased by DRE’s Richmond office as well. The 110,000-square-foot,
neighborhood shopping center will launch its grand opening in spring
2009. It will include a Kroger, Great Clips and a number of outstanding
restaurants and retailers, catering to the community of Hanover County, Va. The 27-acre project is the first to be
developed by Crosland in the Commonwealth of Virginia. Womack
and Cardwell are handling the leasing of the property.
Along with the successful year of
leasing activity, 2007 marked the appointment of DRE as exclusive leasing
agent for many other new and exciting central Virginia properties:
Magnolia Green Shopping Center in the southwest quadrant of Richmond,
Midlothian Town Center in Midlothian, and Patrick Henry Village in Farmville.
Planned for construction at the
intersection of the proposed Powhite Parkway Extension on Hull Street Road in
western Chesterfield County, Magnolia Green Shopping Center is a 64-acre,
mixed-use development surrounded by a resort-style housing community, planned
for over 5,000 homes. An additional 15,000 homes have been approved for
construction surrounding Magnolia Green. Womack is handling this
development and the leasing assignment for Magnolia Green Associates, LLC.
The latest mixed-use development to
join the metropolitan Richmond area is Midlothian
Town Center, scheduled to open in spring 2009 at the corner of Midlothian
Turnpike and Winterfield
Road.
It will be constructed at the entrance to the Salisbury neighborhood, which boasts one of Richmond's highest average annual incomes of over
$129,000. Consisting of 318,000 square feet of upscale retail and Class
A office space, the project will also include 250 apartment units, adding to
the neighboring residential inventory of 122 single-family homes and
townhomes. The first phase of the 200,000-square-foot project will
include 30,000 square feet of retail space and an outparcel.
“Master plans for Midlothian Town Center include a vibrant marketplace with a selection
of nationally- and locally-owned retailers and restaurants -- creating a safe
environment in scale with the surrounding community where people love to live
and where retailers thrive,” says Shane Doran, president of James Doran
Company (JDC), developer of the new 35-acre development.
DRE has partnered with JDC as
exclusive leasing agents for the retail space in Midlothian Town Center. Retail Sales and Leasing Agents Mollie
Willey and Sara Goodall, of DRE’s Richmond office, are handling the retail leasing
assignment.
Sixty miles southwest of Richmond, Patrick Henry
Village will enhance the emerging town of Farmville, Va. with approximately 120,000 square feet of new-to-the-market
big boxes, junior anchors, restaurants and boutique shops. According to
Martin and Goodall, who are the leasing representatives of the regional
shopping center, the eagerly anticipated delivery date is set for spring
2009.
Patrick Henry
Village is in close proximity to a YMCA facility, Longwood University and Hampden-Sydney College, with more than 5,600 students combined.
It adds to the neighboring retail mix of Applebee’s, Belk, Food Lion,
Lowe’s, Tractor & Supply and Wal-Mart. Spectrum
Development is the commercial real estate development and investment company
that is building Patrick Henry Village.
Spectrum specializes in retail development from its offices in Washington, D.C., Richmond, New York and Miami. The company
is currently developing single-tenant, build-to-suits and small retail
centers on its properties in Winchester, Chesapeake and Virginia Beach, Va, and Frederick, Md.
From the mountains of western Virginia to the central metro region, the
market’s boundless growth is unmistakable to the community, retailers,
developers and DRE’s Richmond office, alike. “Central Virginia is expanding, and the western
market is healthy,” said Willey. “With the attractiveness
of these areas as places to live, work, dine and visit, these markets are
expected to keep growing.”
Divaris Real Estate, Inc.
One Columbus Center, Suite 700
Virginia Beach, VA 23462
TEL:
757.497.2113 FAX: 757.497.1338
info@divaris.com
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