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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.

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