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Real Estate Journal — Shopping Centers — September 29 - October 12, 2017 — 3A
www.marejournal.com
M id A tlantic
CBRE represent EDENS and First Virginia Community Bank provide financing JCR acquires Front Royal, VA Shopping Center for $17.722 million
oyal, VA — The JCR Companies of Washington, DC has acquired Riverton Commons, a 69,496 s/f shopping center in Front Royal for $17.722 mil- lion. The seller, EDENS, was represented by CBRE; First Virginia Community Bank provided financing. Riverton Commons is lo- cated on about 13 acres at the highly traveled intersection of Interstate 66 and US Rte. 522. It is part of a 500,000 s/f regional shopping center anchored by a 201,000 s/f Walmart Supercenter and a 134,000 s/f Lowe’s Home Im- R NORFOLK, VA — Down- town Norfolk Council an- nounced that Selden Market has secured leases with 12 storefront tenants and will open to the public on October 4, 2017. Located in the his- toric Selden Arcade that sits between Main and Plume Sts. in Downtown, Selden Market will serve as Downtown Nor- folk’s first retail incubator for new and emerging businesses. Selden Arcade will serve as the connector between Slover Library and Hilton Norfolk The Main. Selden Market will be transformed into a vibrant space with multiple storefront small-business tenants and booths for rotating pop-up businesses. The goal of the market is to stimulate street- level activity with low rents and short-term leases to help businesses shape their model, learn from each other and build community in a low-risk environment. “We have had so much inter- est in SeldenMarket from new and existing business owners,” said DrewUngvarsky , chair- man of the Vibrant Spaces committee and CEO and exec- utive creative director of Grow. “We reviewed and selected the applicants with the goal to create a lively and energetic environment for Downtown Norfolk. We anticipate Selden
mons is leased to a diverse group of local, regional, and national tenants including Valley Health Systems Urgent Care, Great Clips, Mattress Warehouse, Sweet Frog, Any- time Fitness, Hibbett Sports, and Tropical Smoothie Café. JCR plans to lease up the ex- isting vacant space and either develop or sell the property’s five pad sites, two of which are vacant land. “With a strategic location on Rte. 66 and its location within Front Royal’s dominant retail center, River- ton is a perfect fit for JCR,” said Joe Reger, principal, The JCR Companies. “We are Gallery that aims to provide customers with a hand-cu- rated selection of unique and limited goods. • P.O.P. Enriching children’s lives through the Power of Play. • Velvet Witch A curated gift shop carrying products for healing of the mind, body and soul. • Vessel Craft Coffee A coffee bar featuring ethi- cally sourced coffee, cold brew, brew gear and world change. • Werther Leather Goods Quality leather bags and wallets, made locally. • Werrell Woodworks A modern decor store with products for your business and home to create a unique and memorable space. Selden Market will be oper- ated by the Downtown Norfolk Council. The market’s hours will be 11am to 8pm Monday through Saturday and 11am to 5pm on Sunday. Selden Market will hold a ribbon cutting on Wednesday, October 4 to kick off the open- ing week. A lively happy hour event will be held in Selden Market on Thursday, October 6 from 5 to 8pm, and a special public grand opening celebra- tion is being planned for Sat- urday, October 7 with live en- tertainment, workshops, food, drinks and more for all ages.
excited about putting our team to work adding value to this important asset.” Situated about 70 miles west of Washington, DC in the Shenandoah River Val- ley, Front Royal is a dynamic community with an average household income exceeding $81,500. Riverton Commons is JCR’s eighth shopping center acqui- sition since 2012. “We are con- tinuing our aggressive acqui- sition of urban and suburban retail properties nationwide, with a concentration in the Washington, DC metro area,” Reger added. n The Slover Library Maker Studio, an initiative of the Slover Library Foundation, will be located within Selden Arcade, with direct access between the library’s first floor and Selden Market. The studio will allow patrons to experiment with all kinds of new technologies and tools to create and invent. It will in- clude a sound recording studio, 3D printers, a laser cutter and sewing machines. The Selden Market concept is progressive but not un- charted. Downtown Norfolk Council has incorporated the best practices in retail incu- bation, markets, food halls and hybrid spaces across the country. Additional pop-up businesses will also be added to Selden Market that will al- low businesses to test concepts for a specified amount of time. Selden Market is the latest initiative in Downtown Nor- folk Council’s Vibrant Spaces program that started in 2015. The first phase attracted 86 applicants for six available spaces. Three businesses opened in Downtown: Prince Ink at 433 Granby, Lamia’s Crepes at 401 Granby Street and Muddy Paws Downtown at 400 Granby Street. Vibrant Spaces also awards vibrancy grants to established busi- nesses in Downtown Norfolk. n
Riverton Commons
provement Center. Directly across Rte. 522, a Target- anchored shopping center is
the site of planned mixed-use development. Built in 2007, Riverton Com-
Downtown Norfolk Council announce that Selden Market has secured leases with 12 storefront tenants
Selden Market
Market will continue to evolve as these businesses grow and get established.” “We are providing a low-cost entry point for new businesses in addition to mentors and re- sources to help them succeed,” added MaryMiller , president and CEO of Downtown Nor- folk Council. “The market has been approved by the City of Norfolk as an interim use for two to three years. We are very pleased with the level of interest and the beautiful de- sign created by Work Program Architects for this fresh take on a historic property.” Selden Market storefront tenants include: • Doughminion Doughnut shop with a mod- ern twist, featuring both clas- sic and one-of-a-kind flavors.
• Flutterby Soap Company Handcrafted vegan soaps, lotions, and other skincare products - using high quality essential oils and butters. • Food, Clothing & Shelter A curated retail experience where culture and community meet. • Hummingbird Chocolate & Tea Room Elevating your tea and choc- olate drinking experience. • LORAK Jewelry Modern jewelry store known for in-house designed and crafted jewelry collections and unique engagement rings. • Merchant’s Reserve Exceptionally sourced nut, chocolate and specialty food gifts - reserved just for you. • Thank You Gift Shop An extension of Thank You
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