LORTON, VA—The JCR Cos. has acquired 51,800 square feet of retail at Lorton Station Town Center for $13.8 million, as well as the building at 1522 14th St., NW which houses locally owned specialty shop Cork & Fork, for a total of $16 million.
The Lorton Station Town Center retail space, which occupies the ground-floor area directly above the Virginia Railway Express commuter train station, was sold by Regency Centers. It is 100 percent leased to 19 local, regional, and national tenants including Wells Fargo, Fireside Grill, Subway, Pan e Vino and FedEx. It is part of a mixed-use project with more than 170,000-square feet of office and commercial space and nearly 1,200 single-family homes, townhomes, condominiums, and apartments.
Joe Reger, managing partner of JCR, says the company plans to reposition about 7,000 square feet of retail space that is leased but currently vacant, and hold the property for the long term. Cantor Commercial Real Estate provided financing for this transaction.
JCR also plans to lease up its other recent acquisition here at 1522 14th St., as there is 910 square feet now available.
“This is our ninth acquisition on 14th Street, which has incredible velocity and is only in its infancy," Reger notes.
"We continue to seek retail properties both large and small in the District or within one hour's drive, and hope to acquire more retail assets in the second half of 2014."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
