LORTON, VA—The JCR Cos. has acquired51,800 square feet of retail atLorton Station Town Center for $13.8million, 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 theground-floor area directly above the Virginia Railway Expresscommuter train station, was sold by Regency Centers. It is 100percent leased to 19 local, regional, and national tenantsincluding Wells Fargo, Fireside Grill, Subway, Pan e Vino andFedEx. It is part of a mixed-use project with more than170,000-square feet of office and commercial space and nearly 1,200single-family homes, townhomes, condominiums, and apartments.
Joe Reger, managing partner of JCR, says thecompany plans to reposition about 7,000 square feet of retail spacethat is leased but currently vacant, and hold the property for thelong term. Cantor Commercial Real Estate provided financing forthis transaction.
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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.
