KLNB Retail brokered the 150,000 Wal-Mart Supercenter lease, which will anchor the center with an opening scheduled for spring 2011. John Meyer handled negotiations for Wal-Mart and Dimitri Georgelakos represented the owner. Both Union First Market Bank and Wal-Mart are purchasing approximately 15-acres of land at the site.

"This leasing and construction activity is the surest indicator in several years that the pendulum has swung, and retail activity is gaining increased momentum in the Virginia-Washington, DCmarketplace," Georgelakos says in a prepared statement, explaining there is significant pent-up demand for new retail projects in the local region.

"Our research indicates that we are in the early stages of a dramatic shift in the market that will realize the development of many new centers," he says.

King George Gateway also offers seven pad sites suitable for fast-casual restaurants, financial institutions and medical or automotive facilities. Auto Zone has ground lease the first pad site, located across the street from and facing Wal-Mart.

Quiznos Sub and Verizon Wireless have signed leases for part of the 10,000 square feet of in-line space. A full-service hotel is also earmarked for a four-acre pad site at the project.

Last year, the developers sold a portion of the project to the Commonwealth of Virginia which is using the space to build the University of Mary Washington - Dahlgren Campus, Center for Education and Research. The 45,000-square-foot campus will begin development summer 2010, with delivery scheduled for summer 2011.