Provided by Peterson Companies
Peterson Companies has acquired The Shops at Stonewall, a 322,000 square foot Wegman’s-anchored shopping center in Gainesville, for $82.6 million.
The center is currently 100% occupied. It is co-anchored by several prominent national retailers, including Bed Bath & Beyond, Ross Dress for Less, Michaels and Dick’s Sporting Goods. The center’s service-based tenants include Novant Health, SunTrust and Expedia CruiseShipCenters. Dining options include Moe’s Southwest Grill, Dunkin’, Jersey Mike’s and The Bone BBQ, among others.
Paul Weinschenk is President of Peterson Companies Retail Division. “The acquisition of The Shops at Stonewall afforded us the opportunity to expand our footprint. We are very familiar with the market, given our twenty-plus-year history of developing retail, office and residential communities in Gainesville,” he said. “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, D.C. office.