X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WINCHESTER, VA-Rutherford Crossing, a 400,000-sf $50 million regional retail center that will be opening this summer is already 46% leased, according to one of the developers. Tysons Corner-based NVRetail and Tetra Partners in Reston broke ground on the development in April 2007, after receiving approvals from the Frederick County Board of Supervisors to proceed.

Developed on spec, Rutherford Crossing quickly attracted Target and Lowe’s Home Improvement as anchors. Since then, the duo developers have signed on the following companies to occupy space: McDonald’s, Chic-Fil-A, Famous Footwear, Maurice’s, Sleepy’s, Hair Cuttery, Tropical Smoothie, Daily Grind, Jerry’s Subs and Pizza and ProTel.

NVRetail president Jack Waghorn tells GlobeSt.com that with the space 46% committed, they will be concentrating on local, small shop tenants going forward. Asking rates for this space will be $30 per sf. “We are ahead of schedule in leasing space here,” he says. The local market, he says, “has a healthy economy and is under retailed. We got a lot of interest from national credit tenants.”

The center is located at the Interstate 81 and US Route 11 interchange. A new adjacent FEMA facility will open in March with 700 employees. Also, a one-million-sf FBI facility will be constructed nearby along with 2,600 new homes. George Z. Galloway and Ray Schupp of Next Realty Mid-Atlantic are leasing agents for the Rutherford Crossing.

With leasing in hand for Rutherford, NVRetail is turning its attention to its next wave of spec retail development: the firm is breaking ground on a 88,000-sf village town center in Lovettsville, VA, this year and a 140,000-sf shopping center in Richmond in 2009.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.