Two large Prince William County shopping centers recently changed hands in sales that collectively totaled more than $120 million.
On Jan. 29, Peterson Companies announced the $82.6 million purchase of the The Shops at Stonewall, a 322,000-square-foot shopping center anchored by Wegman’s off of U.S. 29 in Gainesville.
The center’s shops include Bed Bath & Beyond, Ross Dress for Less, Michael’s and Dick’s Sporting Goods, as well as service-based tenants like Novant Health, SunTrust and Expedia Cruise Ship Centers and restaurants that include Moe’s Southwest Grill, Dunkin’, Jersey Mike’s and The Bone BBQ.
“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-plus 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.”
On Feb. 5, ALTO Real Estate Funds announced the $37.85 million purchase of Prince William Square, a 232,957-square-foot shopping center that sits across from Potomac Mills on Smoketown Road.
Stores at the shopping center include Ross Dress for Less, MOM’s Organic Grocer, dd’s Discounts, Ashley Furniture, Harbor Freight Tools and Jo-Ann Fabrics.
“Prince William Square is a huge win for our fund to get a foothold in the mid-Atlantic, one of the fastest growing and most desirable areas in the US,” says Yaniv Melamud, CEO and cofounder of ALTO Real Estate Funds. “With the recent addition of dd’s Discounts and mix of organic grocer and necessity-based retailers, the asset has the potential to add value over time through lease-up of vacant suites, while providing current cash flow.”