CHEVY CHASE, MARYLAND – Expanding its presence in the mid-Atlantic region once again, shopping center leasing, management, and development company JBG Rosenfeld Retail (JBGR) recently acquired a majority interest in two Shenandoah Valley shopping centers, bolstering its property portfolio by 276,000 square feet. Winchester Gateway and Stonewall Plaza, both Martin’s Grocery-anchored community shopping centers in the city of Winchester, Virginia, came under JBGR’s ownership on October 3.  The acquisitions are the first for the company in the Shenandoah Valley.

 

“The purchase of Winchester Gateway and Stonewall Plaza has presented us with a great opportunity to stake a claim to the Winchester market,” said JBGR Vice President Carter Davis.  “We are always evaluating opportunities to expand our presence in the mid-Atlantic region, and the acquisition of these properties proved to be a fit with our strategy of acquiring dominant, grocery-anchored shopping centers. Now that the acquisitions have closed, we will turn our efforts to getting the properties fully leased.”  JBGR, and its related acquisition entity, JBG/Winchester Retail Holdings, LLC, purchased a 76% interest in both centers, while the centers’ developer, Bruce A. Griffin, LLC, retains the remaining 24% interest.  Griffin was represented by KLNB Retail.

 

Located in the northeast corner of the intersection of Interstate 81 and Route 7 in Frederick County, Winchester Gateway is a 157,000 square-foot community shopping center.  In addition to Martin’s Grocery, the center also features Petco, Fashion Bug, Sonic, Virginia ABC, Starbucks, Curves, and Quiznos Sub, among others.  The shopping center is 94% leased.

 

Stonewall Plaza is a 119,000 square-foot property situated at the intersection of Route 37 and Route 522 (Frederick Pike).  The center features a 68,000 square-foot Martin’s Foods, a 10,000 square-foot Dollar Tree store, as well as McDonald’s, Quiznos Sub, Wachovia Bank, and Jackson Hewitt, among other locally owned and operated businesses. Currently, the shopping center is 89% leased.  Both Stonewall Plaza and Winchester Gateway were built in 2006.

 

The purchase of Stonewall Plaza and Winchester Gateway represent the fourth and fifth acquisitions for JBGR and its related acquisition entities in the last 12 months.  In late 2007, the company purchased a 16.1-acre site in Alexandria dubbed Kings Crossing, followed by a 7.1-acre site in Tysons formerly home to Moore Cadillac.  Then, earlier this year, JBGR acquired a prime, 8.3-acre site in Falls Church which currently is home to Noland Company.

 

 

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