STAFFORD, VA—Ramco Gershenson Properties Trust has closed the sale of a 25-acre retail development site at The Town Center at Aquia to Mosaic Realty Partners for $6.1 million. The parcel went under contract in November of 2014; the closing has been held up by "complicated issues between office building and multifamily and retail projects," Greysteel Co.'s Gil Neuman, who arranged the transaction, tells GlobeSt.com. "That was the main reason behind the lengthy delay."
Mosaic Realty Partners plans to develop the site, which is currently home to a Regal Cinemas and Rite Aid, into a 160,000-square foot grocery-anchored town center.
This transaction follows the sale of a parcel of land that is being developed into a 256-unit garden-style project by the Franklin Johnston Group.
Neuman explained Ramco Gershenson acquired the prime parcel just prior to the recession, at which point its plans to convert the center --- which is still home to the movie theater, the Rite Aid and an existing 98,000-square foot office building— into a live-work-play environment. The center had been rezoned for mixed-use by the Stafford County Board of Supervisors shortly before its purchase.
The earlier vision of a revitalized Town Center at Aquia can now move forward, Neuman says. "It did take a while – there were a lot of different moving parts that had to be addressed."
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