S hopping C enters F eaturing N ew Y ork D eal M aking
307,000 s/f shopping center anchored by a 70,000 s/f Martin’s Food Market Heidenberg Properties Group acquires Culpeper Colonnade fromRegency Centers for $32.65 million C www.marejournal.com M id A tlantic Real Estate Journal — Shopping Centers — November 23 - December 13, 2018 — Section B ULPEPER , VA — Heidenberg Proper- ties Group announced
dominant, grocery-anchored center, as well as grow our portfolio in the Mid-Atlantic. The tenant mix at this center is exceptional and the recent commitment by Michaels to replace Staples is just one of many endorsements of both the market and the location of this shopping center." The population in the 5-mile trade area has expanded sig- nificantly since 2000, growing 70% to over 30,000. Moreover, the ratio of household incomes (Average: $83,400) to home values (Median: $238,000) pro- vides a customer base with sig- nificant discretionary income. Driving the population growth is both excellent access to the suburban employment centers that ring the capitol and a growing number of high-tech firms that have established op- erations in Culpeper, including Terremark's 320,000 s/f secure network access point (NAP) data center and the Library of Congress's 415,000 s/f state-of- the-art National Audio-Visual Conservation Center.
the $32.65 million acquisition of the Culpeper Colonnade in Culpeper fromRegency Centers Corporation. The newly acquired property is a 307,000 s/f shopping center anchored by a 70,000 s/f Mar- tin's Food Market, a 127,000 s/f Target, a 36,000 s/f Dick's Sporting Goods, a 21,000 s/f PetSmart, and a 15,000 s/f Sta- ples which will be replaced by a 16,000 s/f Michaels. In addition to these national anchors, the
NOV. 23 - DEC. 13, 2018
Culpeper Colonnade, Culpeper, VA and Dick’s Sporting Goods at Culpeper Colonnade, Culpeper, VA
LANHAM, MD — KLNB Investment Sales Group an- nounced the completion of the sale of Enterprise Plaza Shop- ping Center, a highly-visible, 190,211 s/f shopping center on 16.77 acres in Lanham. Andy Stape and Vito Lupo of KLNB Investment Sales represented the seller, an affiliate of Com- bined Properties, Incorpo- rated , on the transaction, and also procured the buyer, East Coast Acquisitions . This is the first acquisition in the mid- Atlantic region by the buyers. The property is anchored by Aldi and co-anchored by T.J. Maxx. Aldi recently exercised a five-year renewal option, through 2023. Other occupants of Enterprise Plaza include Ve- rizon Wireless, Advance Auto Parts, and Dollar Tree. Four pad sites fronting Annapolis Road, also part of the center, are occupied by SunTrust, Shell, Taco Bell and Wendy’s. center has a number of compel- ling fast-casual dining options including Chick-fil-A, Panera Bread, Glory Days Grill, Chi- potle, and IHOP. The center is currently 100% occupied and is located approximately 65 miles southwest of Washington, D.C. Culpeper Colonnade is lo- cated off of Business Route 29, the area's main retail corridor trafficked by over 25,000 vehi-
the south, and I-81 to the west. Pr e s i dent and CEO o f Heidenberg Properties, Rob- ert Heidenberg said, "We are excited to acquire the Cul- peper Colonnade from Regency Centers. This acquisition is in many ways a culmination of the investment strategy that we have been executing over the past few years. It affords us the opportunity to add another
cles per day. Immediately sur- rounding the center along Rte. 29 are other nationally promi- nent retailers such as Walmart, Lowe's, Kohl's, T.J. Maxx, Aldi, and Lidl. With a critical mass of retailers, Culpeper is the dominant retail location within a 15-mile radius. Culpeper sits at the center of four main in- terstates, including I-66 to the north, I-95 to the east, I-64 to
HI-LIGHTS
Stape and Lupo of KLNB completes sale of Enterprise Plaza ShoppingCenter inLanham, MD
“The growing trend of mixed-use shopping centers”
By Tom Londres, Metro Commercial
LA Fitness signs 34,000 s/f lease at Basser Kaufman’s Aberdeen Plaza 11B
Enterprise Plaza Shopping Center market assumptions to pur- chasers and maximized pricing for the seller.” Srikanth Velmati , presi- dent and chief investment officer said, “Enterprise Plaza has been an excellent asset for Combined Properties and will continue to serve the com- munity and perform very well for years to come. Our desire to sell was primarily based on
Plans to lease a 26,428 s/f, junior-box are underway. “The sale of Enterprise Plaza Shopping Center demonstrates a continued interest from in- vestors to acquire high-quality real estate with a value-add component,” said Lupo. “KLNB is proud to have facilitated the sale for Combined Properties. By leveraging our in-house leasing expertise, we validated
strategic asset allocation to include residential and mixed- use assets in our already robust retail portfolio. We continue to believe in the metro Washing- ton, DC market fundamentals and plan on being actively en- gaged on both the acquisitions and dispositions fronts. We are quite pleased with the perfor- mance of KLNB in securing a qualified, capable buyer.”
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